UK businesses are becoming more cut-throat when chasing late payments in the economic downturn, claims debt recovery law firm Lovetts.
Based on research among its own clients, Lovetts claims legal letters demanding payment from tardy customers are being sent out an average of 39 days earlier than in 2008.
Charles Wilson, Lovetts chairman, said: “Firms need to act early. Let customers know you are serious about payments because businesses need to keep enough blood flowing round.”
Eddie Pacey, director of credit at distributor Bell Micro, said: “Companies are no longer willing to wait for their money. Firms may be under pressure themselves from credit lines so they need to chase debts to improve their own cash position.”
Richard Tubb, IT consultant at Netlink IT, said the Microsoft small business specialist chases payments to ensure they are not late.
“We chase invoices on a weekly basis to keep on top,” he said. “We have been asking for bigger deposits and if a customer has a bad credit limit we ask for a payment upfront.”
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