Small firms seek speedier payment
19 July 2021
James Salmon, Operations Director.
Small firms seek speedier payment
SME’s are increasingly unwilling to give extended credit terms.
Analysis from accounting software group Intuit Quickbooks suggests SMEs are increasingly demanding that their customers pay them faster to help ease their cash flow issues, with a growing number demanding immediate payment.
The proportion of SMEs willing to accept payments within 15 days fell from 32.7% in January to 30.7% in May, while those willing to be paid within 16 to 30 days has fallen from 7% to 5.1%.
The proportion who want immediate payment have risen from 60.3% to 64.2%. The report shows that SMEs are owed £21,373 in late payments on average.
If you are worried about extending credit to your business customers, talk to CPA about how we can help you to trade with confidence. We can help you establish the credit worthiness of customers before you do business with them so you are able to set appropriate credit policies.
Many of our members, simply set out on their invoices “we are members of the Credit Protection Association” with our artwork and this in itself encourages prompter payments.
And should you still get late payers, our overdue account recovery service which is included in your membership can prompt them to pay directly to you.
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
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.