We help you reduce the additional costs required to chase late payments by training your team to adopt effective credit management strategies, identify the signs of risk within your customer base and react faster to prevent impact on your business while maintaining healthy relationships.
What’s the impact of late payments on your business?
Additional Interest/Administrative costs
Company survival threatened
Reduced customer base
Ensuring you have the correct credit procedures in place can prevent late payments. In 2016, only 39% of European companies respected agreed payment deadlines.
In a recent analysis of instruments for improving payment behaviour by the European Commission, they indentified;
“More than half of companies surveyed have been asked for longer payment terms than they are comfortable with. Companies accept such terms because it is common practice in their sector, and because they do not want to damage their business relations. In addition to long contractual payment terms, companies are also often paid late, beyond the terms agreed in their contract.” - European Commission
Speak to us about how we can help you improve the credit control in your business and allow you to use your resources where they should be – growing your business.