Luisa Grey, a Director at Eazipay Ltd, one of the UK’s largest and fastest growing Direct Debit bureaux, shares her views and expertise on how to make debt collection just that little bit easier.
If you could create your perfect Christmas list, what would it look like? An end to famine and war? A solution to climate change? Cadbury's Crème Eggs being available all year round?
For many small businesses, one of the things they'd like Santa to stuff into his sack (although obviously not on top of the Crème Eggs as they might get squashed) would be an end to the chore of debt collecting.
Regular household bills are rising relentlessly despite inflation remaining flat, according to figures from the newly launched Bacs Bill Tracker, created by Bacs Payment Schemes Limited, the people behind Direct Debit in the UK.
A “basket” of the most common household bills paid by Direct Debit - including energy, water, mortgages and rent, council tax, broadband and phone, TV licensing, and household insurances – has been tracked, with historical data used to look back as far as 2007. And the data shows the average amount paid out has gone up from £565 in pre-recessionary June 2007 to £668 in June 2015.
Figures released by the Bank of England in June show that bank lending to small and medium sized businesses rose by more than £600m in the first three months of 2015.
Many companies, though, still find it hard to get their bank to say yes, and for others banks might not be the best source of finance anyway. So if you are struggling, to where can you turn? Luisa Grey takes time out from her duties as Director at Eazipay Ltd, one of the UK’s largest Direct Debit processing companies, - and being a “been there got the tee shirt” sort of woman - to run you through some of the options.
“Simply staggering,” is how Luisa Grey, a director at Eazipay, one of the UKs largest Direct Debit bureaux, reacted to new figures claiming that SMEs are forking out around £10 billion a year chasing late payments.
The figures released by Bacs Payment Schemes Limited (Bacs) show that while the overall late payment burden shouldered by the nation’s SMEs has fallen by about £10 billion - down from £41.5 billion in 2014, to £31.3 billion today, the cost of recovering monies owed to them has risen to an all-time-high of £10.8 billion. This cancels out any gain from the overall reduction.
New figures reveal that generous Brits continue to dig deep for charity, with a huge 60 million Direct Debit donations made last year.
The processing data, released by Bacs Payment Schemes Limited (Bacs) – the not-for-profit organisation behind Direct Debit in the UK – shows that two million more of these donations were received by charities in 2014 than the previous year.