Released on: October 15, 2008, 3:55 am

Press Release Author: Colyn Stevenson

Industry: Management

Press Release Summary: Innovative On Line Solution to recover and deter late payment
of business invoices.

Press Release Body: DUE2PAY is a web site aimed at bringing common sense back to the
problem of late invoice payments. It addresses the growing problem of the gradual
move in the business world to the delaying payment of invoice being regarded as an
acceptable practice. In some instances it is a last ditch attempt to save a failing
business, in others it is seen as a legitimate way to fund an already profitable
business.
Consider www.due2pay.co.uk as an early warning system, an alarm which if triggered
can save you a lot of money for a fraction of the cost of the interest you are
paying in funding your customers' businesses. Or a fraction of the cost of phone
calls to chase payment and of solicitor's letters.

The Forum of Private Business in the UK says that late payments of invoices are
having a serious impact on 70% of firms, with nearly 60% reporting that the
situation had worsened over the past year.
It is apparent that this scenario of late payment is being used as a form of free
credit for businesses. Delaying payment to many customers funds a business and
reduces bank borrowings. Any surplus cash held by a customer will in turn earn
interest. Depending on the size of firm, late payments can have a major impact with
a third of firms losing between GBP1,000 and GBP5,000 a year as a result and 15% losing
between GBP5,000 and GBP50,000.
On a daily basis we are hearing of companies forcing firms to accept mandatory
discounts, longer payment times, and payment delays.
UK government introduced the right to charge interest on late payments but this
rarely happens in practice.
www.due2pay.co.uk has two interesting powerful strings to its bow.
1) Where the website sends an email and fax to a customer asking them to pay an
invoice within 14 days. If it remains unpaid, then the supplier is revealed on the
site as a late payer. A nice addition which shows it is not all one sided is that
the late payer is given the opportunity to 'dispute an invoice' and potential
suppliers can enter into discussions with them and also the aggrieved supplier.
2) The 'Watch List'. Put a company on your Watch List and when it is listed as a
late payer you will be informed by email.
Large companies are using various methods to keep more money in their accounts. For
example increasing the time it takes to settle suppliers' bills from 30 days to 75
days and imposing a 2.5% ' settlement' charge on payments. Cutting payments to
suppliers by two per cent, despite one company almost doubling its annual profits.
The FPB says that it wants to see the Government 'leading by example' by committing
to paying its suppliers on time, as well as introducing a code of conduct for itself
and big companies.
Chief Executive of the FPB, Phil Orford, said: 'Protecting cash flow, which is the
lifeblood of any small business, has become even more important because of the
credit crunch. We would like to see non-statutory measures implemented to enable
businesses to hold late-payers to account without fear of losing customers and
contracts.'
Join DUE2PAY now and take advantage of the free trial period.


Web Site: http://www.due2pay.co.uk

Contact Details: Colyn Stevenson info@due2pay.co.uk
telephone 07740708174
;: Church Hill , Mansfield Woodhouse Nottinghamshire