Wednesday, 10 March 2010

How to improve payment performance within your business

From our point of view there’s one simple, fundamental solution to improve payment performance: make it easy for your clients to pay.

According to a recent publication from the Institute of Credit Management (ICM), only half of all businesses offer their clients the facility to pay by direct debit. This is cashflow madness considering that direct debits are cheaper to process than cheques, and gives the business total control over the payment dates and amounts.

Cashflow is as crucial to your client as it is to you. Enabling your client to budget its payments to you reduces the likelihood of unpaid invoices. Transparency about what costs need to be paid and when, significantly lowers a business’ aged debtors and increases cashflow.

In case they need persuading, another benefit your client may not be aware includes the added protection of the Direct Debit Guarantee which protects them against payment error.

With the future of cheques in the balance (no pun intended), why not use this opportunity to streamline your collection process and eliminate the oldest and well-worn excuse for non payment: “The cheque’s in the post”!

You can contact Lucy Tarrant, Head of our Debt Recovery Team for more information, by email: ltarrant@mayowynnebaxter.co.uk or tel: (01273)223226.

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