Are Late Payments Killing Your Cash Flow? - The Zinc Group

UK businesses are chasing £14.9bn in late payments, almost a £1bn increase compared to 6 months ago. In fact, up to 58% of businesses are owed a staggering £10,000 in late payments alone, and 72% of people reading this are likely to be spending at least three days a month chasing late payments with little or no success.

14/03/2019

UK businesses are chasing £14.9bn in late payments, almost a £1bn increase compared to 6 months ago. In fact, up to 58% of businesses are owed a staggering £10,000 in late payments alone, and 72% of people reading this are likely to be spending at least three days a month chasing late payments with little or no success.

The problem of late payment isn’t a new one and neither are the issues caused by customers who fail to pay their invoices on time or at all. On average, UK businesses spend £5,300 in lost time each year chasing late payments from their customers. Money which would be better spent marketing a business rather than chasing payments.

However, we do have some good news for anyone experiencing issues with late payments. The Zinc Group has a two pronged approach which will:

  1. Reduce the number of customers who fail to pay you on time
  2. Get you paid quicker on all of your invoices which are overdue

So how can you reduce the number of late payers?

Zinc Sales Ledger Management (SLM) offers you the opportunity to evaluate, manage and monitor your customer base. We will take your existing sales ledger and run a financial health check across all your customers, supply you with a report highlighting and grading your customers from AAA – ZZZ to give you advance warning on potential issues with your customers’ financial positions, whilst also letting you know who your strongest customers are financially. Zinc SLM offers you an insight to your customers which will allow you to be proactive against late payments, as well as ensuring that you are making the most of any opportunities you may have with strong healthy customers.

Getting you paid quicker:

Time is money and when it comes to chasing late paying customers you really don’t want to be adding more costs onto an already costly situation. Late payments put a strain on your cash flow and take you away from the important task of running the daily operations of your company.

With our Zinc In-House system, you can easily place your late payment invoice into our portal - which you can access HERE. If you wish to learn more, you can call us to discuss your needs in detail on 0330 100 0852.

Zinc In-House works on either a flat rate which starts at £10 per invoice placed or, if you prefer, you can opt for our No-Win-No-Fee service. Either way you can be assured that the moment we receive your instructions we will start getting you paid via our specialist commercial B2B team.

At the Zinc Group we believe you should be paid on time every time, and as the UK’s second largest privately owned DCA we have the expertise and capability to ensure that you receive the attention you deserve. We employ over 350 specialist staff across two locations in Scotland and England and we are recognised as one of the most innovative and successful DCA’s in Europe having won multiple awards since we launched over 10 years ago in 2008.

If you would like to know more about what we can do for you, simply call 0330 100 0852 – Email [email protected] or visit us HERE.

Latest articles

  • 2019-03-16

    Ethics and Integrity in the Boardroom
    VIEW
  • 2019-03-15

    Member Success Story: Bob Day
    VIEW
  • 2019-03-14

    Are Late Payments Killing Your Cash Flow? - The Zinc Group
    VIEW