According to Construction Enquirer, reforms to the Prompt Payment Code covering small companies comes into play today requiring payment terms to be reduce from 60 days to 30 days.
To conform with these firming up of the rules, businesses will need to show they have paid 95% of invoices from firms with fewer than 50 employees within a 30 day period.
For larger firms, main contractors or clients are still required to pay 95% of invoices within a 60 day period. Public sector are held to 30 days also.
A customer not paying invoice is not an uncommon problem. These reforms are a step in the right direction for supporting small business cashflow. As part of these reforms CEOs or FDs are now required to personally sign the Code to accept responsibility for payment practices being taken at the highest level.
Are you having issues with a customer not paying invoice? If so It’s time to speak to CRS. We offer a variety of services to help you reclaim what is rightfully yours. CRS, a specialist construction debt recovery agency, have set up a dedicated “Help Desk” to help provide small contractors and sub-contractors with Free Construction Debt Advice. We will give you one hour free of advice and at the end of this we will; Tell you where you stand and suggest a way forward. You can claim this here.
Our service is No Win, No Fee so you don’t have to worry. We also have a lot of free tools and resources online to help deal with a customer not paying invoice. You can find these tools below:
Send A Payment Reminder from us: https://www.contractrecovery.com/payment-reminder-email/
Most Common Reasons for a customer not paying invoice: https://bit.ly/2PGMVM3
A Guide to Construction Debt: https://www.contractrecovery.com/wp-content/uploads/2021/01/A-Guide-To-Recovering-Construction-Debt-CRS.pdf
If you want to learn more about how we can help you recover your hard-earned dosh get in touch! We are always happy to chat you though your options. We think we do a good job, but don’t take our word for it. Here are some of the stories from customer we have helped.
Get in touch today to start dealing with a customer not paying invoice. Email us at info@contractrecovery.com or call us on 0114 236 1884.