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This may be due to more complex customer relationships, extended credit terms, and an expanded customer base. The survey uncovered that industries such as healthcare, manufacturing, and professional services experience distinct issues in payment collection.
Manufacturers were also struggling to get invoices paid: 44% spent more than 50% of their time chasing unpaid invoices. The Healthcare sector was revealed as the sector that spent most time chasing debts. 80% of firms surveyed from pharmaceutical companies to care providers were devoting at least 51% of their time chasing unpaid debts.
With the arrival of Godfroid, the sales team is cemented and the organisation gains over fifteen years of experience in CreditManagement at both national and international levels. At the beginning of his career, Godfroid worked as an (interim) creditmanager at Vos Logistics, Littelfuse and Delta Energie, among others.
It was the Autumn meeting in 1996 of the CMIG (Computer Manufacturers Industry Group) held at the Fines Bailiwick Hotel near Bracknell. The only Credit Forums I had ever attended were infrequent credit circles run by major recording studios such as EMI which were a closed shop environment and all a bit secretive!
It was revealed the local garages and car manufacturers are engaged in a fierce battle over the data that cars contain. Creditmanagers and collectors monitor this and are ultimately responsible for getting the invoice paid, possibly by involving a collection agency. And that’s no surprise.
While healthcare providers are most commonly associated with debt collection, lenders, manufacturers, service companies, retailers, contractors, and even independent contractors can benefit. Collection agencies help enhance the relationship between provider and patient so that patients are more likely to pay their bills.
Backed by the Federation of Small Businesses, the CBI, manufacturers group Make UK, the BCC, IoD and the Creative Industries Federation, the Good Business Pays movement was launched in May 2021 to encourage the UK’s largest companies to speed up payments to small suppliers, helping them bounce back and inject vital capital into the economy.
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