What is a Debtor Day
The term Debtor Day refers to the average number of days it takes a company to receive payment from its customers.
Click Here: To Calculate Your Company's Debtor Days
Ideally your company's Debtor Day figure should be as low as possible.
According to research, on average UK business have higher Debtor Day figures than companies in Europe. In other words, they suffer more from slow payments.
For instance, UK businesses have an average of 70 Debtor Days compared to 48 Debtor Days in Germany.
How OnStop Can Help Reduce Debtor Days
We offer a unique two tiered service to help our members reduce Debtor Days.
1. We Reduce Debtor Days by Encouraging Prompt Payment
In our experience of chasing late payments, letters from third parties get a faster response than letters sent out by the company which is owed money.
Members of OnStop can choose from a range of professionally written letters to send to customers who owe them money. These letters encourage them to settle any outstanding payment issues within ten days or face being registered by OnStop.
95% of companies that receive an OnStop letter pay within the ten day window, thereby reducing our members Debtor Days.
Click Here: To Join OnStop and Reduce Your Debtor Days
2. We Take Preventative Measures to Reduce Debtor Days
OnStop has a national database of registered companies that have still not paid what they owed after receiving a reminder letter from us.
Any member can search this database to see if a company that he or she is planning to do business with has been registered.
This is a valuable source of information for reducing Debtor Days by avoiding slow paying customers
Click Here: To Join OnStop and Reduce Your Debtor Days
Cost of Joining the OnStop Debtor Day Reduction Programme
We charge an annual membership fee of £49 + VAT and £4.95 + VAT for each OnStop registry entry.
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