Everybody in business has, at some time, suffered at the hands of a bad payer. It can absolutely crucify an otherwise healthy and profitable business. Its effects, especially in the current climate, are devastating on the economy.
But ultimately late payers just end up hurting themselves because it damages their reputation and suppliers start to avoid them. So any company that believes that paying late is an easy fix when cash is tight will create problems for themselves when better times arrive.
Unfortunately it is not illegal and the legislation you have available to you to get your money is voluntary. This means that you have to invest the expense and time to get YOUR money back.
When this site went live in 1998 it asked businesses of all shapes and sizes to aim to abide by a simple set of principles that are as important now as they ever were:
- Agree payment terms at the outset of a deal and stick to them. Explain your payment procedures to suppliers.
- Pay bills in accordance with any contract agreed with the supplier or as required by law.
- Tell suppliers without delay when an invoice is contested, and settle disputes quickly.
By joining us as a Payontime Supporter you are drawing a line in the sand and showing the business world that you are a decent company to do business with
Thousands of businesses are already signed up and working together to ensure that that they get paid on time, and pay on time. At the same time, they are sending a strong message to bad payers that the old days of 'late payment' and 'poor excuses' are no nonger tolerated by today's forward thinking companies. So why not sign up today and help kick late payment into touch!
Become a Payontime supporter and add your business.