Late Payer List, Level 11, 100 Edward Street, Brisbane (2026)

03/03/2023

The Late Payer List is an information sharing platform that allows it’s small business members to connect with other small businesses across the nation and share the details of businesses in our community whose payment practices leave a lot to be desired. A Tripadvisor for small business if you like.

It offers a way forward to change the behavioural problem that late payment has become. The prospect of being placed on a list that small business can easily access and view prior to entering into supply agreements is the motivational nudge that late payers need to pay up on time.

If you're experiencing late payment issues, give Late Payer List a go, it's the new way to collect debt hassle free.

26/02/2023

Use Technology to its Fullest

You might be surprised how a good CRM can help you. Where you may not have the time to keep track of every client’s account, technology can pick up the slack.

There is an uptake amongst small businesses in Australia these days in using apps to monitor and manage client accounts. These apps allow you to configure invoices, send reminders for payment, provide early warnings when an account is soon to be overdue, track how many days an account is overdue, and more helpful features for managing late/non payment issues.

Large corporations use CRM technology and offer more payment options to consumers and businesses. Perhaps small business owners should take a page from their book, change their mindset, and get on board as a first line of defense to avoid payment problems.

26/02/2023

Research New Customers

A little research can go a long way to preventing late payments and non-payments for your small business. In most cases, you can learn more about the businesses before you sign a contract with them. Checking their credit score is just one part of doing your due diligence. Gather information and references from as many resources as possible.

When you choose clients with caution, you can better avoid unpaid invoices and late payer accounts. After all, you wouldn’t just give money to someone you know will abuse it in your personal life, would you?

There are some unscrupulous business owners who will hop from one supplier to another, failing to pay any or all in a timely manner. While they may not stay in business for long, they are still a drain on other businesses.

Keep in mind that late payments create a domino effect that has a huge negative impact on the overall economy.

As small business owners ourselves, we understand that chasing debt is the number one pain point for small businesses, and we’re sick and tired of the struggle to choose clients who pay their bills.

We’ve decided to do something about it. You can use Late Payer List to arm yourself with information about the businesses you work with. Make Late Payer List part of the research you do before taking on a client. If a prospect is on our list, you can avoid dealing with them and save your business a headache.

Now that’s what we call empowerment!

22/02/2023

So what’s the real key to true satisfaction in life?

People with a good work-life balance and enough money to cover their basic needs of food, shelter, and transportation are found to have better mental health and a higher level of happiness.

We think this is because achieving a good work-life balance indicates that people have meaning in their lives. Our work provides us with enough to get by, and what we do beyond work involves good relationships and some time to have real fun.

This leads us to the conclusion that while consumer behaviour does fuel the economy, it takes happy, satisfied people to keep that cycle going. These are the people who start and run businesses that pay on time.

Ironically, small business owners and entrepreneurs like us are often driven by the goal of creating meaning in our lives – to work hard at something we choose, and have the time to enjoy living, too.

But do you know what threatens this goal? As a small business owner yourself, we bet you know!

The answer is having to chase debt. This activity – and the need for it - is the number one killer of a good work-life balance. It also happens to drain the economy.

We’re tired of it! And that’s why we started Late Payer List.

16/02/2023

Small businesses may struggle with collecting debt for a number of reasons:

Limited resources: Small businesses often have limited resources, such as time and money, which can make it difficult to effectively pursue and collect on delinquent accounts.

Lack of legal knowledge: Small business owners may not have the legal knowledge or resources to navigate the process of collecting debt and may not know their rights or how to take legal action.

Fear of losing customers: Small businesses may be hesitant to take aggressive action to collect debt out of fear of losing customers or damaging relationships.

Limited credit history: Small businesses may have a limited credit history, which can make it difficult to obtain financing or secure favorable terms with suppliers.

Limited credit scoring: Small businesses may not have credit scoring, which can make it difficult to determine the creditworthiness of potential customers.

Limited credit reporting: Small businesses may not have credit reporting facilities, which can make it difficult to track customer credit history and make informed decisions about extending credit.

Here at Late Payer List we can help with all of your debt recovery needs. Give us a call today or check out our website to start getting paid. www.latepayerlist.com

14/02/2023

Use Late Payer List as part of your ongoing credit monitoring process.

A credit check on a business can provide valuable information about the financial health of the company. It can indicate the company's ability to pay its bills on time and manage its debt, which can be useful for assessing the risk of doing business with that company. Additionally, a credit check can help identify any potential red flags or warning signs that a company may be in financial trouble, which can help businesses make more informed decisions about working with or investing in that company.

09/02/2023

Mitigating Debt.

There are several ways to mitigate the risk of debtors in your business:

-Conduct credit checks on potential customers before extending credit to them.

-Establish clear credit terms and make sure that customers understand them before extending credit.

-Set credit limits for customers and monitor their credit usage regularly.

-Send invoices and follow up promptly on overdue payments.

-Use tools such as payment reminders and automated payment systems to ensure timely payments.

-Consider offering discounts for early payment or implementing late payment fees.

-Consider using a collection agency or legal action as a last resort.

-Diversify your customer base so that you're not overly reliant on any one customer or group of customers.

It's important to keep in mind that each business is unique and the best approach to mitigate the risk of debtors may vary.

07/02/2023

Why Should Small Businesses Credit-Check New Customers?

Small businesses may choose to credit-check new customers as a means of assessing the creditworthiness of the customer and determining their ability to pay for goods or services. This information can help the business make informed decisions about whether to extend credit to the customer and on what terms. Additionally, credit checks can help a business manage the risk of non-payment and potential financial losses.
Check your late payer now on www.latepayerlist.com

06/02/2023

Small businesses can take several steps when collecting debt, we've added our top 10 below:

-Clearly outline payment terms and expectations in contracts or invoices.
-Follow up with customers promptly after a missed payment.
-Offer flexible payment options, such as setting up a payment plan.
-Stay professional and courteous in all communication with customers, even if they are behind on payments.
-Consider hiring a debt collection agency if the debt is not recoverable. Check out for all your debt recovery needs and credit checks
-Keep accurate records of all communication and payments.
-Review the creditworthiness of new customers before extending credit.
-Review the terms and conditions with the client
-Establish a clear follow-up process with customers who are behind on payments, and escalating the matter if necessary
-Review internal processes to identify any inefficiencies that may be contributing to the problem of unpaid debts.

31/01/2023

A little research can go a long way to preventing late payments and non-payments for your small business. In most cases, you can learn more about the businesses before you sign a contract with them. Checking their credit score is just one part of doing your due diligence. Gather information and references from as many resources as possible.

When you choose clients with caution, you can better avoid unpaid invoices and late payer accounts. After all, you wouldn’t just give money to someone you know will abuse it in your personal life, would you?

There are some unscrupulous business owners who will hop from one supplier to another, failing to pay any or all in a timely manner. While they may not stay in business for long, they are still a drain on other businesses.

Keep in mind that late payments create a domino effect that has a huge negative impact on the overall economy.

As small business owners ourselves, we understand that chasing debt is the number one pain point for small businesses, and we’re sick and tired of the struggle to choose clients who pay their bills.

We’ve decided to do something about it. You can use Late Payer List to arm yourself with information about the businesses you work with. Make Late Payer List part of the research you do before taking on a client. If a prospect is on our list, you can avoid dealing with them and save your business a headache.

Now that’s what we call empowerment!

31/01/2023

Did you know that … 80% of small businesses struggle with receiving payments past their due dates. Approx. 64% of the small businesses surveyed reported having clients who didn’t pay invoices for at least 60 days. Some customers won’t pay you until you chase them in hope that you may just disappear! Unless you have an abundance of money flowing into your bank account every day, sit back and relax.

Yes, late payments can be a common issue for small businesses. It is important for them to have a clear payment policy and follow up with clients who are overdue in paying their invoices. Implementing different strategies, such as offering discounts for early payments or setting clear payment terms, can help improve cash flow and reduce the impact of late payments.

#80%

29/01/2023

How to keep your supply chain moving:

There are several ways to keep your supply chain moving, including:

Maintaining open and clear communication with suppliers and partners to ensure that any issues or delays are identified and addressed quickly.

Building relationships with multiple suppliers, so that if one supplier experiences issues, you can quickly switch to another.

Keeping inventory levels low and having a solid reordering system in place, so that you can quickly restock items when necessary.

Using technology such as automation, data analytics, and tracking to keep track of your supply chain operations and identify any issues.

Continuously monitor your supply chain for risks and develop mitigation plans to minimize disruptions.

Continuously reviewing and improving your logistics and transportation options.

Building a team of experts with diverse skill sets to handle different aspects of supply chain management.

Continuously reviewing and updating your contracts and agreements with suppliers and partners.

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