Friday, 4 February 2011

Late Payments really hurt Business - Direct Debit can help with that

Late payment problems increased
in the last 
Quarter of 2010

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According to Experian's Late Payment there was a significant increase in late payments to UK businesses, of all shapes and sizes in the last quarter of 2010.

Average Payment performance increased slightly during 2010 going from 22.8 days in 2009 to 22.6 days, but the performance slumped in the last quarter with the average being 25.7 days late, which is the highest since the start of the recession.

Rather unsurprisingly large businesses fare worst. Companies with more than 500 employees continue to pay companies late, despite many adopting policies to address this long term issue. However large enterprises saw the biggest improvement from an average of 38.96 days in 2009 to 35.74 in 2010.

Of course one of the most effective ways to help with late payers is to set them up on Direct Debit. Eazipay can offer very cost effective solutions to late payer problems. From just 40p per collection businesses can be safe in the knowledge that their money really is on it's way and not stuck in the post.

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