It is likely that you have seen an increase in payment times from invoicing to full payment recently. Late payment of invoices can cause cashflow problems, lead to reduced profits and take up valuable staff time chasing payment. By knowing your customers from the outset, investing in credit insurance, managing invoicing efficiently and agreeing payment terms you can avoid these problems. See our guides to preventing late payment and recovering late payment.
Read the Institute of Credit Management guides to Payment terms (pdf 680KB) and Chasing payment (pdf 681KB).
Know your customersUnless you know exactly who you're trading with, you won't be able to check if they are good for the amount of credit you may need to grant, you won't be able to invoice them correctly, and it may be difficult to commence legal action effectively if it becomes necessary. Download an Institute of Credit Management checklist and get top tips about knowing your customers (pdf 815KB).
Credit insuranceIf a customer becomes insolvent and cannot pay money that is due to your business it can be catastrophic, especially if the amount involved is large. Insurance companies and brokers offer Credit Insurance to meet the specific needs of clients, industry sectors and specific transactions to protect against non-payment by your customers and their insolvency. Download an Institute of Credit Management checklist and get top tips about credit insurance (pdf 815B).
InvoicingIf you don't raise an invoice, you won't get paid. Invoicing should not be seen as a back-office administrative nuisance. Rather, it is a vital first-step in achieving healthy cashflow. Download an Institute of Credit Management checklist and get top tips about invoicing (pdf 815KB).
Further informationBusiness Link's information library gives you instant access to information and tools to help you tackle key business issues. View our full range of guides to help recover your debt.
Access to help and supportThere is a range of support available for businesses in the North West and you can search our business support directory to find solutions for your business.
If you would like to talk about avoiding and recovering late payment and how we could support your business, call the business adviser team on 0845 00 66 888 or use our contact us form.