Ok ok lol.. im new but I'll get me own back when settled, get ready ,so he's not a limited company then.....
Discuss Getting payment out of companies for work done in the Commercial Electrical Advice area at ElectriciansForums.net
Ok ok lol.. im new but I'll get me own back when settled, get ready ,so he's not a limited company then.....
Ok ok lol.. im new but I'll get me own back when settled, get ready ,
Ok ok lol.. im new but I'll get me own back when settled, get ready ,
Unfortunately companies pay when they want to, rather than when you want to.
Is there any pattern to the late payments, ie 30, 45, or 60 days
I'll try this question again...............
Unfortunately some companies pay when they want, not when you want .............. if this is the case you either need to build up bigger cash "reserves" in the business account or find prompter payers ............
If he's expecting payment within 7 days, he's barking up the wrong tree IMHO
I'm not used to the format but I'll get there. I'm more of a Facebook userLook forward to it mate. It's good to have a laugh with people on here.
Look forward to it mate. It's good to have a laugh with people on here.
Apologies re late reply. It's all different some a month, some longer. So is a month a reasonable time to wait ?
Companies that pay outside terms generally fall into three camps.
Camp #1 - those that you give say 28 or 35 days account facility, but because they do a single month end accounts payable run, some invoices "just miss" last month's run and are therefore are circa three weeks overdue by the time they're paid. Normally best to accept this, if they are a regular customer and their month end run happens automatically like clockwork, they represent a very low risk of bad debt.
Camp #2 - those that want ridiculous terms, eg: 90 or 120 days from month end, or simply have no intention of paying until they've been chased multiple times and threatened with legal action. Ensure your T&Cs are tight, if they are a one-off, charge them any overdue penalty/interest as per your T&Cs, or if they are a regular customer, increase your pricing by 20% and offer them a 5% settlement discount, should they opt to pay within x days. As a last resort, to avoid issuing a court summons, a full email history & copy invoice/T&Cs sent to a few senior people (group finance director, UK managing director, etc) found using Linkedin often yields results.
Camp #3 - generally multi site / larger businesses - where you need a purchase order number to get paid, although the person placing the order omitted to tell you this at the time of ordering and you find out once the invoice is well overdue. However if you're patient, you may be able to turn this situation to your advantage, by filling out the long winded supplier application form and becoming an "approved supplier", subsequently receiving more work from other business units as you're now "on the list". This customer then moves from Camp #3 to Camp #1
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