moneymattors
Registered User
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- 3
There is very little info on this.
Im in a situation where I have a couple of bad clients where the people I work for are great, but the accounts department just dont care if I get paid. I am exasperated chasing money. They eventually pay but it takes about 30 phone calls. i cant just fire them as they are major players in my industry and know it. They would, if I could work it out, accept late payment terms
I am unable to post links but a quick google of this sentence should throw up the article. It was linked to askaboutmoney earlier.
"Late Payments in Commercial Transactions Regulations 2002 by Ger Nolan "
The problem is, How are these terms usually implemented in real life? It would involve recalculating the invoice and sending a new one every time I send a statement?
For example: I have invoices outstanding 6 months to a year. here is a quote from the link: "The interest rate chargeable for late payment is the European Central Bank main refinancing rate plus 7 percentage points unless otherwise agreed (for example, if the current ECB rate is 3.25%, then the interest rate charged would be 10.25%, i.e. giving a margin of 7%). It should also be noted that penalty interest due for late payments should be calculated on a daily basis."
This seems quite complicated. Even if I could work out a formula in an excel invoice nobody really uses them anymore preferring automated invoicing software like Sage etc. Has anyone out there ever seen an example in real life of how this could be implemented?
Im in a situation where I have a couple of bad clients where the people I work for are great, but the accounts department just dont care if I get paid. I am exasperated chasing money. They eventually pay but it takes about 30 phone calls. i cant just fire them as they are major players in my industry and know it. They would, if I could work it out, accept late payment terms
I am unable to post links but a quick google of this sentence should throw up the article. It was linked to askaboutmoney earlier.
"Late Payments in Commercial Transactions Regulations 2002 by Ger Nolan "
The problem is, How are these terms usually implemented in real life? It would involve recalculating the invoice and sending a new one every time I send a statement?
For example: I have invoices outstanding 6 months to a year. here is a quote from the link: "The interest rate chargeable for late payment is the European Central Bank main refinancing rate plus 7 percentage points unless otherwise agreed (for example, if the current ECB rate is 3.25%, then the interest rate charged would be 10.25%, i.e. giving a margin of 7%). It should also be noted that penalty interest due for late payments should be calculated on a daily basis."
This seems quite complicated. Even if I could work out a formula in an excel invoice nobody really uses them anymore preferring automated invoicing software like Sage etc. Has anyone out there ever seen an example in real life of how this could be implemented?