It’s Not Just Farmers Who Have Been Affected By Late Payments

July 28, 2006 (PRLEAP.COM) Business News
According to recent reports, farmers across the UK are facing the prospect of financial ruin as a result of late payments from the government. Many of them have been threatened by their creditors and do not have enough cash available to pay their bills.

Of course the problems created by late payments are not unique to farmers., the company that helps its members reduce the risk of late payments, says that they are a key contributor to business failure.

As a spokesman from OnStop told us:

“Just because your customers haven’t paid you on time doesn’t mean that your suppliers are going to be understanding if you also pay late”.

Late payments produce cashflow problems which can ultimately cause a company to go under. So what can be done?

OnStop believes it has the answer. The company has set up a unique service designed to reduce the problem of late payment for its members. This works in two ways:
1. OnStop sends out letters on behalf of its members to customers who owe them money. These letters encourage the prompt settlement of any outstanding payment.
2. Onstop offers its members access to a national database of registered companies that have not paid what they owed after receiving a reminder letter.

As a result of this service OnStop has been highly successful in meeting its stated objective to increase the profitability of its members and to reduce their exposure to bad debt.

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