What to do when the customers pay late

We are a trading company supplying material for healthcare facilities. Payment morality of our customers varies with each of them, generally said there are not many that pay within 3 months since the date of invoice issue despite the fact that we provide payment term of 30 days to all.

We do understand the difficult situation in health services and so we are forced to tolerate late payments as all other suppliers do. Nevertheless this situation brings problems to our cash-flow management since payment terms from our suppliers are 60 days in standard.

 

Thanks to the cooperation with CSOB Factoring that finances our receivables up to 90 days after maturity date (in some cases even longer), we are now able to pay our payables on time. We can even reach interesting bonuses from those suppliers who offer them for on time payments. These bonuses sufficiently cover all costs connected with factoring.

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