Ensure customers pay you on time
There are various ways of encouraging your customers to pay you on time. However, despite your best efforts, you may find that some still end up paying late. See when does a payment become late?
If this happens, you should contact the customer in question to try and resolve the issue and review your procedures to reduce the possibility of others paying late in future.
You have rights under late payment legislation to add interest and debt recovery costs onto late payments. You can exercise these rights at your discretion.
This guide looks at the various ways to manage late payment. Your choice may depend on who the debtor is, the size of the debt and how late the payment is.