Late payments, compounded by lengthy payment terms, present a challenge for businesses to operate effectively, impacting on cashflow. This means less time for business owners to focus on developing their business and investing in growth.
If you don’t have the right payment practices for making sure customers pay you on time, you’re limiting your growth and reducing your profitability. We understand the challenges of collecting payments from customers and the impact of late payments, particularly to SMEs.
A positive step to getting paid is to have clear steps you can take to encourage customers to pay promptly, and to limit the impact of late payment when it does happen.