REDUCE PROBLEM OF SLOW-PAY-NO-PAY
By John Ingrisano on Nov 13, 2007 in Hot Biz Tips
Having trouble getting paid? You’re not alone.
The credit bureau Experian released research in August 2007 showing that the average time for an invoice to be paid is 61.07 days. Large businesses are still by far the slowest to pay, at 81.5 days. Medium and small companies, reports Experian, take 61.3 and 60.2 days respectively. So, whatever happened to net 15?
The best ways to avoid slow-pay-no-pay: have a credit policy in place, make sure customers know about it, work with contracts, and go after late payments right away.
Look for a full feature article on collections for SBOs in the December edition of Winnebago B2B Magazine(www.winneagob2b.com). — JRIngrisano
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