Eazipay Ltd, one of the UKs largest Direct Debit processing companies has issued a cautious welcome to the announcement that the Department for Business, Innovation & Skills is introducing proposals to address the national scandal of late payments.
The government is proposing that larger companies together with listed companies will report on a quarterly basis, disclose information on payment practices, publish the information on their website and will face fines if they breach the requirements.
Cambridgeshire based Eazipay Ltd, the UKs largest Direct Debit processing company, is celebrating another major milestone for 2014 having just seen its Direct Debit processing and collection volumes break the £1billion mark.
In september alone, over £27 million worth of Direct Debits were processed on behalf of its clients - a mix of SMEs and corporate organisations - taking the companys total processng volumes to a staggering £1,001,753,245.63 since the figures were first collated in 2008.
Hands up, who enjoys visiting their accountant? No, thought not. It's right up there with looking at other people's holiday snaps and taking the kids shopping for school uniforms.
While a trip to your financial guru might not be fun, however, it is important. A good accountant can save you thousands.
We’d like to send out a big ‘thank you’ to everyone who made a donation to our JustGiving page for the charity ‘Rounders Tournament’ that we took part in recently for Breast Cancer Campaign’s, ‘Wear It Pink’ fundraising campaign.
With your generosity and support we raised a total of £255.00 for the charity, which will help go towards further research to help find a cure for cancer.
So how did we get on? Well pretty good actually! We went head to head with a number of other local businesses and we won two games, drew one, and lost one to overall tournament winners, Milken Travel.
Late payments have always been a problem for businesses, particularly small and medium sized enterprises (SMEs). Now new research from Bacs, the organisation behind Direct Debit, suggests this late payment mountain has got bigger than ever, standing at an astonishing £46.1 billion.
Not being paid on time can easily cripple an otherwise healthy business. As Luisa Grey, a director at Eazipay Ltd, the UK’s largest and fastest growing Direct Debit bureau, explains, firms can take steps to increase their chances of receiving the money when it's due.