Saving money for your business
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. COLLECTaDEBTpro 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.”
Court continued, “Many businesses still measure success by the number of new customers gained, irrespective of whether they pay on time (or at all) later down the line. This mindset really needs to change if businesses want to increase available cash flow and maximise sustainable profitability. In many cases, a simple escalation process can eradicate future instances of late payment for good and actually improve customer relations.”
COLLECTaDEBTpro Press Release