Late payment continues to be a major problem for small businesses.
A recent survey has found that 74% of small companies are likely to accept late payment excuses from customers and clients.
According to the same survey, 10% of businesses avoid chasing debts at all (citing concerns about losing future business as the main reason) whilst 17% say that they would avoid taking legal action as the perception is often that it will be too expensive.
Whilst concerns about losing future business are understandable, businesses need to consider the implications of extending payment terms to customers who have failed to pay on time. What happens, for instance, when the customer fails to pay under the new extended terms?
The consequences of not taking action to recover debts can prove terminal.
As for the cost, Blaser Mills offers a cost effective scale of fixed charges meaning that our debt collection and recovery services are accessible for all businesses.
Please contact us at firstname.lastname@example.org for further advice.