Every month our aged debtors sheet looked disastrous. All wonderful clients, we enjoyed working with them, they enjoyed working with us, but when it came to paying, it was seriously threatening to rock the boat. The reasons for late payment were fantastic, we have heard them all, but as we were working with sole traders, mostly it was down to forgetfulness or a holiday looming on their part.
As they were such small organisations, we also felt their behaviour was hindering THEIR cash flow as much as ours and therefore we had to find an alternative route for payments.
The cost for managing Direct Debit ourselves was not practical and then we Googled on Fast Pay. The support from Todros and Henry has been first class.
After one year, we have the process down to a fine art. Very little communication is required with Fast Pay; I send a file, they confirm the details, they collect the money, they pay us and naturally they send us a small invoice paid by direct debit of course. This invoice is considerably less than the amount of time we were spending on chasing money.
The key advantage however is that is enables us to deal with our clients about the work we do rather than discussing money and this massively improves the business relationship.