Victim of Late Payments, It`s Time to fight back with DUE2PAY
Released on: September 27, 2008, 7:08 am
Press Release Author: DUE2PAY
Press Release Summary: Summary DUE2PAY, is an innovative approach to debt and credit management. It puts power back into the arms of thesupplier. Companies which make a habit of late and non payment will now be visible to the business community. Companies which they try to do business with will be able to challenge them on their payment record, they can also speak with their existing suppliers. Beware, do not compare this with traditional, historical based accounts credit checks.
Press Release Body: Late payment and non payment has always been and continues to be a serious problem for UK businesses. More so during these tough economic times, There is also a reluctance by the banks to either increase or even extend overdraft facilities to help small businesses cope.
It is more important than ever for small businesses to protect themselves and ensure invoices are paid on time. This will help avoid potential cash flow problems, which, if not addressed quickly could result in the ultimate closure of the business.
Remember,your customers are facing the same problems, so they are going to want to hold on to their money as long as possible, which means expecting you to wait for payment. At a time when you can least afford to.
Government legislation giving victims of late payment the right to claim interest on unpaid invoice has failed to stop what appears to be an institutional reluctance by UK businesses to settle their invoices on time. Large companies appear to be the modern day equivalent of the Norse Raiders they are raping, pillaging and stealing from small businesses before moving on to another and leaving devastation behind.
DUE2PAY hopes to redress the balance by giving suppliers a tool with which they can fight back. The website takes details of late paying companies and with a simple twist, it will email any company who has put that company on their DUE2PAY watchlist. This is no normal credit referencing, one watch list entry may sit dormant for months until such a time a company is listed as a late payer. This is the alarm mechanism the business world is waiting for. It is not a one way street however, should the listing of late payment be unjustified, the 'late payer' can amend his status to disputed and enter into dialogue with anyone who has contacted them via the site. If you are interested and would like to know more contact DUE2PAY.CO.UK