Recovery - Commercial
It is never wrong for a company to ask to be paid on time very time, however there are occasions when some companies keep putting off paying invoices to simply keep their business running .We have all experienced slow payers that affect our ability to pay the wage bill or simply pay a utility bill.
Again by Building, Fostering and Learning, BFL aims to get invoices paid on time; however when a payment arrangement is the best option to protect your cashflow exposure BFL will act on your behalf and ensure the risk is contained and managed. This may well involve a Field Agent visiting the non-paying business to assess the risk and ensure the affordability of any account that needs to be scheduled over a period of time.
Giving commercial businesses an agreed time to pay builds relationships and enables BFL to learn what really is going on with your customers – after all none of us are in the business of wanting to lose customers.
BFL Solutions has been at the forefront of UK and international recovery for many years and has successfully collected payments for clients in Australia New Zealand and Europe. Across the UK businesses encounter customers where 30 and 60 day credit terms are interpreted as 120 days if not more. This has resulted in many businesses failing due to cash flow issues and the demand for them to settle their own bills on time.
A recent survey conducted by the government showed that 50% of business owners claimed that they had cash flow problems and many entrepreneurs often consider bandaging these cash flow problems with temporary cash infusions. Others have entered costly factoring agreements with third parties and are unable to be cost effective due to factoring charges.
BFL utilises Late Payment Legislation a law introduced in August 2002 which became part of a European directive during October 2013 and aims to compensate businesses for poor payment practice ( see
www.payontime.co.uk) and accelerate the payment of slow paying accounts.
Your BFL Area manager will discuss the solution we offer to accelerate your cash flow and to condition your customers to pay on time and encourage them to prioritise your invoices