East Midlands payment delays grow in Q4 2011

The fourth quarter of 2011 saw delayed payments by East Midlands debtors take more time to resolve, at 25.85 days longer than agreed, compared with a full-year average of 25.76 days. While this is still better than the national average of 25.97 days, the Experian report still indicates that many firms are not paying invoicesRead More

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The fourth quarter of 2011 saw delayed payments by East Midlands debtors take more time to resolve, at 25.85 days longer than agreed, compared with a full-year average of 25.76 days.

While this is still better than the national average of 25.97 days, the Experian report still indicates that many firms are not paying invoices within the requested timeframe – putting their creditors’ cash flow in jeopardy.

Meanwhile, the national picture is of improving promptness on payments, as the fourth-quarter figure compares favourably with the average of 26.17 days overdue for business payments in Q3 2011.

Jason Mills, head of payment performance at Experian UK & Ireland, says there are positive conclusions to draw from the figures.

“Payment performance is the timeliest indicator of the current health of any business, so the overall improvement suggests that, during the last three months of 2011, pressure on cash flow and finances was more manageable for most businesses.”

However, he adds that companies with between three and five employees were seen to pay later in Q4 than in the previous quarter, or in the previous full year, making some sizes of debtor worth further investigation before taking them on as a long-term part of your supply chain.

How We Can Help

Whether you are dealing with debtors who will not pay, or considering extending new lines of credit to small business customers, we can help you to manage the effects on your cash flow.

In the case of non-paying customers, we can pursue debts and help to get you the money you are owed, resolving issues as amicably as possible.

That could simply mean making sure that your invoice is being processed by your customer so that the funds appear in your account during their next round of admin.

However, where necessary, we can also follow up with the appropriate communication in writing – on your company’s own headed notepaper – to make clear that further delays to payment are unacceptable.

Finally, we can transfer any outstanding and unacceptably unpaid invoices to our debt collection team, who will pursue payment on the appropriate terms.

Meanwhile, if you are taking on a new business customer and want to determine whether they can be trusted to pay you on time, our company credit checks service can help to highlight any existing issues as seen by their other creditors.

Making Payments

Our credit control service is designed to operate transparently – letters are sent on your notepaper, telephone calls are received to a dedicated line in your company’s name, and payments are made to you by your debtors.

In turn, our charges are calculated based on the number of clients you ask us to handle on your behalf – making the service scalable and affordable for all ledger sizes.

We consider all ledger sizes, so please don’t be concerned that your needs might be too large or too small for us to handle.

To learn more, and to discuss your specific needs, contact us – we treat all information with the utmost confidentiality, and can arrange face-to-face meetings at your convenience.

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