How to Deal With Late Payments

How to Deal with Late Payments As a Small Business

How to Deal with Late Payments As a Small Business

It’s a fact that can be a little hard to swallow at times, but there will come a point within your time of owning a business where payments will be late. It starts as business as normal; the brief was set, the work was completed, the invoice was sent – then……nothing. The time has come when you need to chase the payment, but let’s be honest, it’s not the most desirable part of the job – especially for us painted smile and gritted teeth super polite British folk. A survey conducted last year suggests that the average small to medium businesses in the UK are owed £40,857 in unpaid invoices, with more than 50% of the total being overdue. 1,000 businesses were surveyed, and 23% of them said that these late payments have put them at risk of closing. Chasing a late payment can be one of the most ... »