Small businesses forced to wait for payment!

Did you know that many small businesses now have to wait even longer for payment? Research by the Credit Management Research Centre suggests that the time being taken to settle invoices has now doubled to 30 days past the due date.

Late payment legislation has done little to soften the impact of reduced cashflow on small businesses. Over 70% of businesses, particularly those turning over less than £10M a year, experience late payment. And of course the longer a customer takes to pay, the more chance there is that they will not pay at all.

Cashflow is the lifeblood of business. Without it a business simply dies. Bad debt and its repercussions on cashflow and solvency cause as many as one in ten of all UK company failures.

Chasing late payments is a fact of business life. Whatever the reason, it is time consuming, costly and takes up valuable resources that would be better directed towards growing your business!

The Credit Management Service, exclusive to FSB

Insurance Service members…

This is why Towergate has arranged the FSB Insurance Service Credit Management Service, via STA Graydon.

STA Graydon is one of the UK’s leading commercial debt collection agencies, offering a wide range of collection services on a no-collect no-fee basis, and have proven their success with 60 years of collecting accounts in the UK and 100 countries overseas. Let’s face it, late payments are an unavoidable fact of business life. In an ideal world, you’d never have to deal with them. In the real world, you almost certainly will. With STA Graydon, you can at least take the pain out of chasing payments.

STA Graydon can also provide:

Terms & Conditions Service

A Terms and Conditions service to help ensure that your business terms and conditions are effective and stand as the first line of defence in any payment dispute.

Tracing Service

To keep track of debtors who have moved location.

UK Enquiry Visit & Report

A detailed investigation and report to establish the location, status and means of your customer.

UK & International Legal Action

If legal action is required, we can offer you our own panel of agents and lawyers who specialise in commercial litigation and in our opinion have cost effective legal charges when acting on your behalf.

 Read our FAQ’s for FSB Members

To qualify for the Credit Management Service, contact STA Graydon - and remember to mention that you’re an FSB Member.