A new report conducted by debt collectors, Intrum, found that while fewer businesses across Europe were reporting negative consequences of late payments, the numbers remained high in Britain. Business confidence from within international economies has slightly improved, with the new report finding a greater ability to handle the issue. However, this is just not transferring to the British climate, with 24 percent still citing late payment as a threat to survival.
Late payment continues to be the bane of British business, but owners must not assume insolvency to be an inevitable consequence. Here at the Credit Protection Association, our debt recovery and credit management services act as the first line of defence against late payment and bad debt.
Eddie Nott, Intrum’s UK managing director, said that more than half of British businesses surveyed had been asked to accept longer payment terms than they were able to manage in their daily operations and 48 percent admitted to having accepted such demands.
Intrum said its findings showed that British companies were far more likely to accept cryptocurrency payments, such as Bitcoin or Ethereum, than businesses in Europe.
While late payment and non-payment can inflict irrefutable damage against the finances of a business, owners can conduct certain checks and undertake certain precautions, to protect their business. Debt collection and recovery, as well as debt management, are essential if Britain is to repair the economy’s flailing health. A significant portion of responsibility lies with individual businesses, particularly in relation to how late payment affects business finance.
At the Credit Protection Association, our debt recovery and credit management services recover lost funds for our members, while conducting the correct credit checks and status reports to keep late payers at bay. By approaching a third party company such as CPA, our members have taken important first steps towards a brighter financial future. Not only will the team at CPA free up the necessary cash flow and clean out residual debt, but we also offer up advice on how to sustain a stronger financial position for the long term.
We fight to the tooth for our members, particularly those who have encountered late payers and been left with an oversized debt pile. We recently created a new department within our company dedicated to getting our members rightly compensated in accordance with the Late Payment of Commercial Debts (Interest) Act 1998, unlocking hidden cash and potential in our members and their prospects.
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!