Government offers ‘empty words’ on SME support.
James Salmon, Operations Director, 11th March 2019.
The Government has been accused of offering empty words on late payments.
Rachel Reeves, chair of the Business, Energy And Industrial Strategy Committee, has criticised the Government over a failure to deliver better protection for SMEs when it comes to late payments.
The committee has called for a statutory requirement to settle bills within 30 days, saying the small business commissioner should be granted the power to fine late payers.
However, a Government response to the report does not set out plans to adopt these recommendations.
Ms Reeves said: “The Government says that small businesses are the backbone of our economy. But these are empty words when the Government is not willing to bring forward measures to ensure SMEs are paid on time.”
While the Government offers little or no action, CPA has developed a way of using existing legislation to break the late payment culture.
About CPA
The Credit Protection Association can help!
Formed in 1914, CPA has been providing credit management services to SMEs for over 100 years.
At the Credit Protection Association, we provide first class credit information that can help you avoid being over extended to customers who are at risk. Our monitoring service can flag up warning signs long before the end, giving you the chance to adjust and reduce your exposure. We provide recommended credit limits and credit scores on a traffic light system and can help you set appropriate credit policies for your customers.
We regularly publish lists of the latest insolvencies but by then it is too late. Our credit reports however predict approximately 96% of company insolvencies long before they arrive.
Companies in trouble usually have very bad bad cash flow and they try to deal with it by delaying payment to their suppliers, increasing your exposure to them.
If you supply to restaurants, help us help you identify the risks.
As a third party collector, we can also get your payments prioritised over those who are not as hot on collections. When you customer receives a letter from the Credit Protection Association regarding their outstanding account, they are going to want to get that resolved as a priority. Our overdue account recovery service can get your unpaid invoices to the top of their “to do” list and get your invoice paid.
Over the years we have collected billions in overdue invoices for our customers.
Our debt recovery and credit management services give our members the financial freedom needed to grow and prosper, while our new Late Payment Compensation department could unlock hidden potential and offer the compensation needed to springboard your business to success.
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The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!
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