Are you being bullied as a Vendor?
The latest surveys for 2018 show that only 30% of Small Businesses are getting their invoices paid on time. Are you one of these lucky ones today?
Almost 50% of Small Businesses were paid at least a week late, 35% are having to wait over a month for full payment.
It seems that the main culprits are the Larger UK Firms who should be more able to afford to pay on time and have a greater cash flow.
Are you funding larger organisations?
The impact to a Small Businesses, especially in a non-payment situation is causing more and more firms to close and the UK is expecting a record number of closures in 2018.
Were you aware that under UK law, you can claim interest and debt recovery costs if another business is late paying for goods or a service.
If you agree a payment date that takes president, however, if you do not agree a payment date, the law says the payment is late 30 days after either:
- The customer gets the invoice
- you deliver the goods or provide the services (if this is later)
Would you as a responsible company like to pay your suppliers on time and not face legal action?
If so, look at Mi Invoices to enable you to take control of your AP process and be able to pay your invoices the same day. Maybe even look at paying suppliers quicker and taking an ‘Early payment Discount’?