Get ready for Christmas

Christmas is traditionally a time of goodwill but if you work for yourself, run your own business or run somebody else’s business and late payment is a problem for you  then Christmas spirit may be in short supply. Late payment can mean bonuses and wages are postponed and for obvious reasons Christmas is one time […]

A 0.25% rise in the BoE interest rate won’t frighten anybody.

For the first time in ten years the Bank of England’s based rate recently went north instead of south. That means suppliers looking to charge interest on late payments can add an extra 0.25% on top of top the maximum 8.25% they can already charge. Sadly that is not going to move the needle.   […]

The Small Business Commissioner has been announced. We wish him well.

Olive branch - Small Business Commissioner

Paul Uppal has been named as the new Small Business Commissioner and he will have is work cut out for him. We wish him every success.     Mr Uppal, once a small business owner himself, will have some first hand knowledge of the difficulties faced by small businesses in the UK. In his role […]

“We haven’t been paid by our supplier”

Cash flow

We recently came across another instance in which a supplier provided work to a customer and was paid late…. The explanation given? The customer had not been paid by some of their suppliers and cashflow was tight. This is an entirely understandable state of affairs, after all figures from the Labour party show something that […]

More transparency please.

Business transparency.

The recent announcement by the government to improve corporate transparency has been met with a luke warm reception in the press. However, Mike Cherry, the national chairman of the FSB (Federation of Small Business) was at least cautiously optimistic in his assessment of the potential impact on curbing late payment. His comments, while a little […]

Users of The Prompt Payment Directory see payment sentiment rise

Users of the Prompt Payment Directory have seen payment sentiment rise over the past six months. On The Prompt Payment Directory suppliers can, using a 5 star scale, rate the payment practices of companies they have done business with, we refer to this as the PPD Score. The PPD Score is an amalgam of other […]

Advice on going to court over late payments.

Solving late payment disputes in court

In the fourth of our series of interviews with David Walker, owner of Grid Law and author of Cash Flow Rescue, we talked to him about the ins and outs of settling late payment disputes in court. Often considered the ‘nuclear option’ David talked us through how to navigate the process. Read on to learn what he […]

Should you risk losing a customer by insisting on being paid on time?

Insisting on prompt payment shouldn't be about retaining or losing the business.

The mainstream narrative for businesses that are subject to late payment is that they prefer to keep quiet about it for fear of losing future business. This post on LinkedIn seems to give the lie to that. One person spoke out on LinkedIn asking for feedback about whether or not he did the right thing in applying pressure to […]

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