Free guide to getting paid on time

The Better Payment practice Group has launched an updated version of its Guide To Paying And Being Paid On Time.


The Better Payment practice Group has launched an updated version of its Guide To Paying And Being Paid On Time.

The Better Payment practice Group has launched an updated version of its Guide To Paying And Being Paid On Time.

“The boss has died and the cheque book was in the suit we buried him in.” Just one of several unusual excuses for not paying bills on time, according to Lloyds TSB Commercial Finance. But being the victim of late payments is no laughing matter.

As Ted Ettershank, managing director, Lloyds TSB Commercial Finance, explains, “Bizarre excuses can bring a smile to the face. But strip away the humour and we are left with a stark fact. Late payment is a serious issue that can severely damage a company or stunt its growth prospects.

Amongst other things, the guide offers advice on credit-checking new customers, collecting payments promptly and fostering a good relationship with suppliers and customers.

There is also information on the implications – both economic and ethical – of deliberately paying late, such as the adverse effect it can have on your business’ reputation.

Also covered in the guide is the legislation that entitles businesses of any size to claim statutory interest and debt recovery compensation, of up to £100, on commercial debts.

The free guide and an accompanying wallchart are available from the DTI Publications Unit by calling 0870-150 2500 and quoting reference numbers URN04/606 and URN04/735. Alternatively they can be downloaded from www.payontime.co.uk and you can avoid hearing or using excuses such as, “I’ve broken my arm and can’t sign the cheque.”

(5/5/04)

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