Thursday, 27 April 2017 14:37

How to Deal with Late Payment Excuses

Excuses, excuses… one of the most frustrating aspects of chasing unpaid invoices is dealing with the reasons customers give for paying late. When you have worked in the debt collection industry for as long as we have you can be sure we have heard some imaginative answers, along with some that are so old they were probably being used in Roman times.

The key thing to remember when faced with late payment excuses is this - your company is owed the money and you have every right to seek payment. Even when the explanations provided by the client appear to be genuine, if an agreed payment deadline has expired, you are entitled to be paid on time and in full and you have every right to pursue the payment.

Published in Guides
Monday, 10 April 2017 14:17

How to Calculate Late Payment Penalties

Not being paid on time is one of the biggest worries facing small business owners. Trying to recover outstanding debts can feel like a very lonely process if you are not aware of the help available.

One important thing to remember is this - as a creditor, the law is on your side. Since 1998, UK businesses have been legally entitled to charge interest on overdue payments owed by another company.

Published in Guides
Tuesday, 28 February 2017 13:20

How to Set Appropriate Credit Limits

In today’s economic climate, business customers and clients are increasingly asking for - and in many cases expecting - credit from their suppliers.

There are obviously many benefits to offering credit. It shows a willingness to be flexible which fosters stronger business relationships, and it helps to secure or keep important contracts. Used properly, extending credit for goods and services can give your business a competitive advantage and boost income.

Published in Guides
Tuesday, 07 February 2017 12:53

How To Use a Credit Limit Application Form

In the B2B world, practically every enterprise will extend credit to a client or customer at some point or another.

For vendors and resellers, credit facilities are a familiar part of payment terms. But even service providers will regularly be in the habit of extending credit to clients - remember, time is money, and any work you do before the first payment date can be considered as credit.

Published in Guides
Thursday, 17 November 2016 10:00

How to Read a Company Credit Report

When it comes to managing your finances in business, knowledge really is power. And this is never more the case than when you are signing agreements to sell your products and services.

As a creditor, the main thing you want to know is whether you are going to be paid fairly and on time. The last thing any business wants to do is get into an arrangement and end up not getting paid.

Published in Guides

When a client starts to miss payment deadlines and debts mount up, it is natural to start to wonder - do they have the means to pay?

When companies get into financial difficulties, it can leave suppliers who are owed money in a tricky situation. As the saying goes, you can’t get blood out of a stone. If a business does not have any ready money available, debts will go unpaid.

Published in Guides
Wednesday, 28 September 2016 14:25

What to do when a client dictates payment terms

So you have just won a new client. You aced the bidding process, the initial project meetings went well and the money is good. You can’t wait to get started, when out of the blue you get the following note from their finance people:

“Please be advised that our payment terms are 60 days from date of invoice. This will override any payment terms stated on your invoice. Payments will be processed accordingly on the final Friday of each month.”

What do you do?

Published in Credit Control

When you sign up a new customer or client, it’s tempting to skip the formalities. New customers are always keen and it seems like nothing can go wrong. The last thing you want to do is sour the relationship, or risk losing a client to a competitor. If you ask for a deposit, are you at risk of scaring them away?

In truth, most businesses are used to paying deposits especially if they are dealing with freelancers or micro businesses, and there are plenty of good reasons that you should ask for one.

Published in Credit Control

Most businesses have experienced the worry and inconvenience of a client that always pays late. Short of ditching the client (and we are perfectly comfortable with advocating that as a tactic), there’s no rapid solution to the problem. But you can improve your chances of getting paid if you subtly change your credit control processes.

In this article we will explore a few easy ways to help you manage those 'tricky' clients and the excuses they use to delay payment beyong agreed credit terms.

Published in Guides
Wednesday, 10 February 2016 10:31

Top Tips for dealing with overseas export clients

When you work with a company in the same country, you have a common legal framework that links you and its a relatively simple process to track down errant debtors if payment problems occur. Dealing with clients overseas is more hazardous, and the risks can catch out many small businesses. Here are some practical tips that can prevent significant problems when dealing with overseas clients.

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Hitting the Headlines: Safe Collections in the Guardian

in About Safe Collections by Adam Home
If you're a Guardian reader, you may have seen Safe Collections' collections and partnerships manager Adam Home quoted in a Guardian Professional article on May 12th. Tim Aldred's piece looked at the case for credit control teams as a way for businesses to…

Hitting The Headlines: The Independent on Sunday

in About Safe Collections by Adam Home
In 2009 our founder and Managing Director was interviewed for a piece in The Independent On Sunday, this article is reproduced below with their kind permission. in 2009 we still went by our original name of Creditsafe Ltd, whilst our name may have changed our…

 

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