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How can efficient debt collection increase my business’ resilience?
Recent government statistics on company insolvencies are ringing alarm bells across the debt collection sector. The latest quarterly figures show that total company insolvencies in Q2 2023 increased by 9% from Q1 and by 13% year-on-year, reaching their highest level since 2009. The monthly statistics for July 2023 show that…
VIEWTop non-payment excuses and how to deal with them
With most businesses now using electronic payments, the old delaying tactic ‘the cheque’s in the post’ no longer applies. Unfortunately, there are plenty of other excuses which can be used by some unscrupulous business owners to avoid paying what they rightfully owe. Over the years our debt collection experts have heard…
VIEWThe changing debt landscape
In June, consumer champion Martin Lewis warned that the mortgage ‘ticking timebomb’ he had predicted was ‘exploding’. The moneysavingexpert.com founder said that if interest rates were going to be high over three or four years, people were going to have to readjust their finances. With existing homeowners likely to stay…
VIEWHow to reduce the risk of unpaid international debts
Economic pressures are not exclusive to the UK. Many other countries are experiencing increased costs, rising interest rates and a slowdown in consumer spending. In the current economic climate, there’s increased risk of customers struggling to meet their financial commitments or going out of business, so you don’t get paid…
VIEWTackling big companies who owe you money
There’s nothing more frustrating that not getting paid in a timely fashion by a multi-million-pound corporation. If this is a challenge you face on a regular basis, you’re not alone. According to analysis of UK Government data by the Chartered Institute of Procurement & Supply (CIPS), one in four invoices received…
VIEWGovernment aims to tackle late payments to SMEs
Late payment is a constant frustration for business owners, many of whom rely on getting paid in a timely fashion to avoid serious cash flow issues. According to recent research by insurer Simply Business, UK small business owners were owed a staggering £32.1 billion in late payments. The Prompt Payment and…
VIEWHow construction contractors can deal with overdue debt
With a complex hierarchy of contractors and sub-contractors, debt collection in the construction industry can be a challenging process, particularly if you’re a small subcontractor at the bottom of the chain. Recent research by innovative payment platform Lopay shows that half of small constructors view late-paying customers as the greatest…
VIEWThe truth about debt collection and small businesses
Late payment and the risk of debt default are constant worries for small businesses. Cash flow can be severely affected, impacting the financial stability of your business. However, when you’re busy running an SME, other pressures and priorities can easily take precedence over robust debt chasing. Many small business owners…
VIEWWhy debt collection shouldn’t stop for the festive season
With fewer working days, inevitable winter illness and the end-of-year rush causing changing priorities, December can be a particularly challenging month for debt collection. It’s important to put extra effort into credit control and do your best to end the year on a positive financial note. That being said, your…
VIEWIs your business ready for 2024?
2023 was a tough year for companies and consumers alike. Rising costs and interest rates continued to put extreme pressure on finances, creating economic problems and increased risk of debt default. So, what will 2024 bring? Will the economy recover? Inflation fell from 10% in January 2023 to 3.9% in…
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