Brodmin is a global late invoice payment directory. Anyone can report unpaid invoices and anyone can search our directory for businesses that have been reported for not paying their invoices on time.
Late Invoice Payments continue to be a big problem for British Businesses according to the Federation of Small businesses. In 2019, 660,000 small businesses started to trade, sadly 80% of those businesses failed within the first year. 60% of new businesses are expected to fail within three years. Brodmin, who has launched a late invoice payment directory to help businesses survive has said 82% that fail do so due to cash flow problems.
The late invoice payment directory is a clever idea, and some in the credit-control industry have said it is a vital tool for businesses of all sizes. Brodmin knows how late payments can affect a business. With news from the Federation of Small Businesses that 250,000 small businesses will go bust this year due to the COVID19 pandemic, getting paid on time and avoiding late payers is more important than ever.
The new payment directory allows businesses to search potential new customers to check their previous payment history. A business owner, accountant, or credit controller can check the directory to see if their new customer or current customer is listed as a late invoice payer. This will then allow them to make an informed decision if to give their customer credit and how much credit to give them.
“Late payments can lead to massive financial problems for a business and resources can be eaten up to chase late payers and debts. This added expense results in profits being eaten up and putting the business at risk. Our late payment directory can help businesses avoid those problems,” explained a spokesman for Brodmin.
2021, and 2022 will be the years that test business owners thanks to the COVID19 Pandemic. Some business owners are going to see their finances stretched to the limit. Removing the threat of late invoice payers will increase a business survival rate, making the new payment direct one of the most important tools a business will use.
The new directory is easy to use. It will not only allow key business personnel to search the directory for late payers, but it will also allow them to add details of customers who have paid them late. By sharing this information, it can help reduce the business failure rate.
To learn more about the new payment directory, please visit https://brodmin.com/
About Brodmin
Founded by Kris Broda and Thomas Minarik, brodmin was developed to help freelancers, business owners, and entrepreneurs find more financial stability and better protect their business when working with new on and offline clients.
