A blog by Martin Williams, external affairs spokesman of Graydon UK, focusing on business risks - from fraud to late payment. Martin has has spent the last 35 years in the credit information industry, and has been with Graydon UK, one of the top five commercial credit agencies in the UK, for the last 20. Apart from his PR duties, he teaches credit analysis to risk professionals and helps educate SMEs on the importance of maintaining a good credit rating. Martin is a Fellow of the Institute of Credit Management and is a sitting member of the Institute's Think Tank. He was also honoured by Credit Today, after being included on their Credit 100 list of people who have had the greatest impact in the credit industry during 2008, 2009 and 2010.
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10 Dec 2008
Business secretary Peter Mandelson has his finger on the pulse of SME Britain, and knows only too well that the lack of credit from banks and late payment of trade invoices is putting a lot of small businesses into serious hot water. His latest initiative on getting a voluntary code of practice in place to ensure that big businesses pay their bills on time is well intentioned, but will it actually do any good? Back in October Peter mandelson pledged that government departments would help SME cash flow by ensuring that bills would be paid in a targeted 10 days. I wonder whether anyone out there in the real economy has seen this pledge become a reality over the last 60/70 days since the pledge was given? Are government depts paying up in 10 days?
Visitor comments
We have set up www.due2pay.co.uk with the purpose of getting late invoice payers to pay within the timeframe agreed when placing an order. We do this on behalf of our members by sending an email and fax to the late payer asking them to pay their invoice within 14 days. If this doesn't happen, any due2pay member will see the detail (not the amount or invoice number on our website). No messing, BUT the invoice must not be disputed in any way. It is simple and cost effective.
Posted by: Colyn , 18 Dec 2008
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