April 10 2016
The number of late payments experienced by UK businesses were at a two year high at the end of 2015 according to a new survey. One in six firms reported customers failing to pay for goods and services on time.
While overall, late payments increased by 12% from Q4 2014 to Q4 2015, construction was particularly hard hit. Late payments in this sector surged by 26%.
It was not all bad news, however as the automotive and electronics sectors both recorded a drop in late payments.
Samantha White, CEO of My Credit Controllers commented:
“This latest survey clearly demonstrates that businesses need to stay right on top of collections if they are not to be used by customers as a cheap source of credit. A well-run business is serious about credit control. Bringing in your invoices in a timely way reduces the need for external borrowings and reduces the risk of getting caught by a bad debt.”
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