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Businesses suffering from significant Late Payment delays

UK debt collections

Businesses in the manufacturing industry are made to wait the longest to receive payments for goods and services. The research analysed data from the Department for Business and Trade to show how late payments affect UK businesses. Businesses in this sector receive payments after around 47 days.

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Industries with the Best and Worst Recovery Rates

Nexa Collect

It is recommended to assign accounts for collections roughly when they are between 60-90 days past due for a maximum recovery rate. Based on clients we came across last year (2021), here is the average recovery rate we have seen, along with our collection agency partner(s). Construction. Manufacturing. Recovery Rate.

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New Data says outstanding invoices reach shocking levels

UK debt collections

Based on the latest data, the necessity for clinical business debt collection is needed more than ever. These high-performing companies have demonstrated that adopting robust payment processes can significantly reduce payment delays compared to the average companies.” Outstanding invoices hurt any businesses bank balance and cash-flow.

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Five Key Provisions Construction Material Suppliers Should Include in Customer Credit Agreements

Jimerson Firm

Material suppliers in the construction industry will often need to extend credit to their contractor and subcontractor customers due to the payment cycle on construction projects that can often run 30 days, 60 days or even longer. Termination The credit agreement should address the term of the agreement, and how it can be terminated.

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Increase in UK Businesses filing for Administration

UK debt collections

Retail, manufacturing, construction , real estate and hospitality were the worst-hit sectors for the second year in a row, accounting for 57% of all administrations.

Retail 80
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1 in 6 invoices being paid late according to survey

UK debt collections

IT & telecoms and construction professions experience more than 20% late payments – or 1 in 5. Construction. Manufacturing. Ordered by rank for actual* payment terms (average payment terms + average late time): The post 1 in 6 invoices being paid late according to survey appeared first on UK Debt Collection News.

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Small Businesses in ‘distress’ number triples

UK debt collections

Construction companies make up 7.9% of the total distressed firms whilst manufacturing is at 6.7%. Construction. Manufacturing. Tony Smith from Debt Collection Agency Comparison site Best4DebtCollection.co.uk Almost 60% of Businesses in these sectors are the hardest hit. West Midlands. Yorkshire & Humberside.