Businesses considering appointing a debt collection agent to manage overdue accounts can now benefit from a new checklist from the Better Payment Practice Group (BPPG), available on its website www.payontime.co.uk.
A recent survey of 1200 businesses by one of the BPPG's members, the Credit Management Research Centre, found that larger firms were twice as likely as SMEs to refer accounts that are less than 30 days overdue. Two thirds of the SME sample prefer to wait until debts are 60 to 120 days overdue before taking this action, compared with only 29% of the larger firms surveyed.
