Is not paying on time acceptable practice?...

Hi all

I'm sure we all experience many clients - perhaps the majority - who never pay their bills ontime and only when prompted.

Is the idea of only paying when chased or 'as long as I pay eventually its OK' acceptable - even good practice, or to be frowned on?

It is annoying when you spend more time chasing payments and money than you do actually doing the work!

Thomas

Re : Is not paying on time acceptable practice?

Thomas

A very interesting question. I think it is definitely true that more and more people seem to pay late almost as company policy - and the sad fact is that those who pay on time are then penalised as they pay before they get their money, making them in turn less likely to pay on time - a vicious circle.

The rules are in place in theory to protect businesses and allow them to get payment on time, but the costs are expensive and if you get a company who are determined not to pay, it is almost impossible to do much about it, it seems...

Chris

Re : Is not paying on time acceptable practice?

I remember reading some small book on business by Richard Branson over Christmas, it contained a line that went something like this: It's fine not paying your bills on time as long as you pay them eventually! Though not a sentiment I'd advocate.
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Re : Is not paying on time acceptable practice?

Cheers guys!

Re : Is not paying on time acceptable practice?

So... moving on... what sort of tactics can you use to try and coax people into paying on time?

Does anyone offer incentives like x% discount if they pay on time for instance?

Tim