The quickest and simplest way for any company to save significant money and give their cash flow an immediate boost is to introduce a cost effective, compliant and controllable late payment/bad debt strategy into their business as usual processes.
Shockingly, 1/3 of firms are actually forced to write off thousands in unpaid invoices every year as they are too embarrassed to chase their own debts
. In addition, 85% of businesses do not utilise statutory late payment legislation to help cover the cost of collection activity. COLLECTa
provide simple and cost effective solutions that can instantly address these worrying statistics.
Michael Court, Director and Co-Founder of the online collections website – www.collectadebtpro.com commented, “There is currently over £67bn owed to the UK’s businesses in unpaid invoices, a 36% increase since 2011. The main issue is that 3/4 of firms do not
have a person or procedure in place for chasing debt and the vast majority have no escalation process
for late payments at all.”