Press Release Summary: Innovative On Line Solution to recover and deter late payment of business invoices.
Press Release Body: DUE2PAY is a web site aimed at bringing common sense back to the problem of late invoice payments. It addresses the growing problem of the gradual move in the business world to the delaying payment of invoice being regarded as an acceptable practice. In some instances it is a last ditch attempt to save a failing business, in others it is seen as a legitimate way to fund an already profitable business. Consider www.due2pay.co.uk as an early warning system, an alarm which if triggered can save you a lot of money for a fraction of the cost of the interest you are paying in funding your customers' businesses. Or a fraction of the cost of phone calls to chase payment and of solicitor's letters.
The Forum of Private Business in the UK says that late payments of invoices are having a serious impact on 70% of firms, with nearly 60% reporting that the situation had worsened over the past year. It is apparent that this scenario of late payment is being used as a form of free credit for businesses. Delaying payment to many customers funds a business and reduces bank borrowings. Any surplus cash held by a customer will in turn earn interest. Depending on the size of firm, late payments can have a major impact with a third of firms losing between GBP1,000 and GBP5,000 a year as a result and 15% losing between GBP5,000 and GBP50,000. On a daily basis we are hearing of companies forcing firms to accept mandatory discounts, longer payment times, and payment delays. UK government introduced the right to charge interest on late payments but this rarely happens in practice. www.due2pay.co.uk has two interesting powerful strings to its bow. 1) Where the website sends an email and fax to a customer asking them to pay an invoice within 14 days. If it remains unpaid, then the supplier is revealed on the site as a late payer. A nice addition which shows it is not all one sided is that the late payer is given the opportunity to 'dispute an invoice' and potential suppliers can enter into discussions with them and also the aggrieved supplier. 2) The 'Watch List'. Put a company on your Watch List and when it is listed as a late payer you will be informed by email. Large companies are using various methods to keep more money in their accounts. For example increasing the time it takes to settle suppliers' bills from 30 days to 75 days and imposing a 2.5% ' settlement' charge on payments. Cutting payments to suppliers by two per cent, despite one company almost doubling its annual profits. The FPB says that it wants to see the Government 'leading by example' by committing to paying its suppliers on time, as well as introducing a code of conduct for itself and big companies. Chief Executive of the FPB, Phil Orford, said: 'Protecting cash flow, which is the lifeblood of any small business, has become even more important because of the credit crunch. We would like to see non-statutory measures implemented to enable businesses to hold late-payers to account without fear of losing customers and contracts.' Join DUE2PAY now and take advantage of the free trial period.
Web Site: http://www.due2pay.co.uk
Contact Details: Colyn Stevenson info@due2pay.co.uk telephone 07740708174 ;: Church Hill , Mansfield Woodhouse Nottinghamshire
2022
