Why might your customer fail to pay you on time?
- Process: you’ve sent the invoice to your usual contact. They share it with their accounts payable team. In some companies (especially the larger ones), 2 or 3 people will need to confirm the invoice before it’s paid out. This whole process could end up taking quite a bit of time.
- Cash: they’re running out of cash and are prioritising their other suppliers.
- Insolvency: your customer is on their way to bankruptcy