Coping with chasing late payments

Research has shown that the majority of small businesses do not have the resources to deal with late payers.

It is very rare in a small business that they can afford a credit management professional to chase unpaid invoices.  As a result, small businesses perhaps don’t take advantage of the different risk management services for managing debt such as credit reports, credit insurance and debt collection which are more commonly used by large firms.

As a result, many small businesses are forced to do the tracking down and chasing of late payers themselves which is unfortunate as they could have been spending that time developing their businesses.

The internet has helped to a certain extent with the availability of credit reports online, but many people need to be educated as to the availability of such information and the importance of using it.

For more information on credit control, have a look at our article; Setting up a Credit Control System .