Are you prepared for a surge in late payments?
James Salmon, Operations Director.
23rd June 2022
As inflation rises and interest rates creep up, late payments are expected to grow significantly!
UK businesses are especially going to feel the pressure, with no protection from rising energy costs, supply chain disruption exacerbated by Brexit and the danger the economy could fall into stagflation!
About six in 10 companies say they are worried that the risk of late payments will grow this year, according to Intrum’s annual European Payment Report 2022, which surveyed 11,000 companies across 29 European countries.
A third of respondents say that late payments are prohibiting growth of the company, hampering the economic and social development of the economy.
Eddie Nott, MD for Intrum UK, says that more than half of businesses expect late payments to jump this year, but “a similar proportion say they do not have the in-house expertise needed to successfully manage the impact of inflation on their business”.
Meanwhile, respondents admit they are struggling to manage the impact of inflation on their businesses, with more than half of UK businesses saying it is inhibiting growth (51%), stopping them from meeting wage demands (57%), and preventing them from paying suppliers on time (60%).
Eddie Nott added “UK businesses are battening down the hatches and are less likely to prioritise growth than their European peers,”.
Also, almost six in 10 businesses say they are more cautious with their borrowing and spending plans, as they expect interest rates to rise more than once during the next 12 months.
Why should you become a CPA member!
The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid since 1914. We have seen many financial crises, this one will be particularly deadly for suppliers for some time to come.
CPA eases cash from tardy debtors – Efficiently, Effectively, Economically and Ethically. And we provide credit information so you can monitor and assess your key customers.
Unlike other credit management companies, we charge our members a fixed annual subscription irrespective of how high the debt value is!
It takes less than 17 minutes to see how you would benefit, do you have the time now?
No face-to-face meeting required – just call Peter Uwins, CPA’s National Sales Manager, on 020 8846 0000 (business hours) or email nsm@cpa.co.uk today.
When you see your money come in, you will be so glad you used CPA.
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections
Do you have a commercial late payer that is causing you grief? Use CPA’s no-win, no-fee, commercial debt recovery service!
If you have a particular business customer who is late paying and causing you sleepless nights, why not offer it to CPA for purchase on recourse?
CPA’s collection department will then pursue the debt. We will be liable for any costs incurred and then when we have recovered the debt, we will pay you the net principle debt recovered less our percentage.
Once you have enjoyed that success then you can consider the more cost effective membership which includes our Overdue Account Recovery service and Status/Credit reports as well as a range of other complimentary services.
Just call 020 8846 0000 and ask for Godfrey Nelson or Cris Shirley (business hours) or email debtpurchase@cpa.co.uk today.
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.
Get compensated for previous late payments
Have you been paid late by business customers in the last six years?
Maybe you no longer work with them. Under legislation, you are entitled to compensation you for those late payments you have suffered.
You put up with the PAIN – now claim the GAIN!
Claim late payment compensation (LPC) from former business customers who paid you late in the last six years!
CPA (LPC) Recoveries is using our bespoke software and decades of experience to do just that for our clients
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.