How are your late paying customers impacting on your business? How do you manage your late payers?
Latest research from Bacs Payment Schemes Limited reveals that 76 per cent of UK businesses, including many from Gwent, are being forced to wait at least a month beyond their agreed contract terms before getting paid.The knock-on effect of this is that business owners have to make tough decisions in order to make it through the month.
Some 20 per cent of directors, in companies which experience late payments, say they have taken a cut in salary in order to keep cash inside their businesses.
More than a quarter (26 per cent) are having to use their overdrafts to make ends meet and one in ten are experiencing one or more of the following challenges every month: difficulties in paying staff on time, factoring invoices and difficulties paying regular bills. Some 23 per cent claim the late payment situation is forcing them to pay their own suppliers late.
How do you deal with the impact of receiving payment late? For more on this story visit the South Wales Argus website.
