Late Payment Culture: “It Can Get Better”

Resolving the late payment culture of the UK has so far been a near impossible task for both credit management companies and the government. Experts within the financial sector, as well as our own experts here at the Credit Protection Association, insist that there is light at the end of the tunnel.

Chartered Institute of Credit Management’s chief executive Philip King insists that a mix of government action, persistence, and peer pressure is required to tackle these late payers.

When combating most issues that involve separating people from their money, the process can be a long one. Philip King bemoaned the absence of a “silver bullet”, when he talked at the Telegraph’s Festival of Business, admitting that there was no quick fix to the issues probing credit management.

The Federation of Small Businesses (FSB) recently released a report detailing the disconcerting statistics behind late payments. According to the FSB, one third of payments to small businesses are late, and this can cause around 50,000 firms to fail each year.

Richard Gilkes, managing director of SME Stort Chemicals warns against seeing it on “us and them” terms, insisting that there are good and bad payer within SMEs.

Experts are offering solutions to the problem and Gilkes asserts that things can get better. Sandra Cotton from Aviva suggests publishing a payment report to separate the bad from the good payers, and King encourages suppliers to confirm terms upfront to avoid contract quarrels.

James Salmon, Operations Director at The Credit Protection Association  said” CPA is passionate about the issue of late payment. We took on the mantra “Prompting Punctual Payment” sometime ago and see it as core to our motivations. We operate the website which seeks to encourage prompt payment, tackle the causes of late payment and be a recourse and guide to tackling late payment and the legislation surrounding it. We provide our members with all the tools they need to help minimise the scourge of late payment.”

With Christmas coming up fast, suppliers will face more late payments than at any other time of the year. Here at The Credit Protection Association we offer all our Members and clients ways to encourage faster payments, while not damaging a professional relationship with the customer. We also provide advice and support on how to prepare for any future issues in payment, or how to avoid any unreliable customers.

You do not have to deal with all the payment excuses, and the hassle yourself! Here at CPA we believe that creditors deserve to be paid for the work or goods they have supplied. See how we can help!

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