15/03-06   -   Press releases

B2B Cashflow Club Helps Businesses Name and Shame Late Paying Creditors and Collect Debts

Businesses frustrated by cashflow problems caused by slow paying debtors need not despair. Help is at hand with B2B Cashflow Club, an online service that names and shames late payers and encourages them to put a cheque in the post – rather than just saying they have.

B2B Cashflow Club offers two invaluable services - Name and Shame and The Watch List. Name and Shame works by sending the debtor a letter on behalf of the creditor giving them 21 days to pay. If nothing happens after 14 days, B2B Cashflow Club sends a reminder giving seven days notice. If this is ignored, the creditor can post a notice on b2bcashflow.co.uk about the outstanding debt. Once a post has been made, the debtor, creditor and anybody else – such as other unhappy creditors - can add further comments and truly shame the company concerned.

A Watch List gives creditors the chance to join force and take rapid action. They simply send B2B Cashflow Club the name of a company they want to monitor and, if the company is about to be named and shamed by another member, they will receive an email alert.

Nigel Harland says: “B2B Cashflow Club works on the principle that no company or sole trader wants to be depicted on the internet as a slow or non-payer. In the unlikely event of the debt not being paid, the creditor has the satisfaction of naming and shaming the debtor."

He adds: “I was inspired to set up B2B Cashflow Club because so many companies seem to take longer and longer to settle invoices – frequently over 60 days. In particular, new businesses and start ups can be seriously damaged by late payment, while some may face bankruptcy. Sadly, creditors usually find it’s difficult to use a debt collection agency successfully or take the defaulting companies to court as these slow payers know the system so well. I wanted to create a system that would rival the traditional methods of collecting money while also being substantially cheaper."

The price of using B2B Cashflow Club starts at £9.95, which is fully inclusive of two warning letters and the user’s web posting. The service can be used only for company to company debts which are not in dispute. It cannot be used to recover a debt from a person although it can be used against a sole trader.

Notes for editors
B2B Cashflow Club is run from the Midlands by Nigel Harland. The ‘name and shame’ debt recovery service covers the whole of the UK.