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    yment - will definitely encourage bills to be paid on time. On the other hand, charging customers a fee on late payments is sure to encourage your clients to by the agr
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    Whatever sort of business you run, it can be difficult to ensure that your customers pay their bills on time. After all, late payment of debt can cause crucial cashflow problems and non-payment of debt has the potential to effectively cripple your business. But how can you make sure that your customers pay their debts on time? And, if they continue to renege on their payments, how can you go about recovering the debt?

    To begin with, it's important to set out clear terms and conditions for your customers to adhere to when they're making their payments. For instance, offering discounts on early payments - and making customers aware of the consequences of non-payment - will definitely encourage bills to be paid on time. On the other hand, charging customers a fee on late payments is sure to encourage your clients to by the agre

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    problems and non-payment of debt has the potential to effectively cripple your business. But how can you make sure that your customers pay their debts on time? And, if they continue to renege on their payments, how can you go about recovering the debt?

    To begin with, it's important to set out clear terms and conditions for your customers to adhere to when they're making their payments. For instance, offering discounts on early payments - and making customers aware of the consequences of non-payment - will definitely encourage bills to be paid on time. On the other hand, charging customers a fee on late payments is sure to encourage your clients to by the agr

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    they continue to renege on their payments, how can you go about recovering the debt?

    To begin with, it's important to set out clear terms and conditions for your customers to adhere to when they're making their payments. For instance, offering discounts on early payments - and making customers aware of the consequences of non-payment - will definitely encourage bills to be paid on time. On the other hand, charging customers a fee on late payments is sure to encourage your clients to by the agr

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    yment - will definitely encourage bills to be paid on time. On the other hand, charging customers a fee on late payments is sure to encourage your clients to by the agreed deadline. Legally, if your customer fails to pay their bills within 30 days of being invoiced, the amount of interest you'll be able to charge interest daily at the Bank of England base rate plus eight per cent.

    Additionally, you'll also be able to claim debt recovery costs when adding interest onto any overdue payments. Your customer is legally entitled to pay you rates of ?40 for debts of under ?1000, ?70 for debts ranging between ?1001 and ?10,000 and ?100 for late payments exceeding ?10,000. However, if you choose to claim debt recovery costs, it's vital to let your customers with unpaid bills know in writing than you plan to implement these extra char

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