Seasons greeting's from everyone at CREDITFOCUS

This year we've screened the market, provided expert views on good credit management and kept you up to speed with product updates, awards nominations and wins.

As we approach 2010, the December issue of CREDITFOCUS e-news takes a look back...

Since July this year, economists and the media have been divided on whether or not the UK economy was emerging out of the recession.

And as we hit the end of the year, the jury's still out. However, we'll continue to update you in 2010.

With January 2010 now upon us, we're asking: 'what is the real cost of late payments'? As the report by The Department of Business Skills & Innovation shows:

• Payments between businesses in the UK are typically made 20 or more days beyond agreed terms
• 4,000 UK businesses failed in 2008 as a direct consequence of late payment
• Overdue payments in 2009 will cost UK businesses £180 million in debt in interest charges
• Late payment persists across all business types and all business sizes

To read the report in full, click here.

Whatever happens in 2010, CREDITFOCUS users can be certain they will continue to receive up-to-date information on their customers, significantly helping them to reduce the risks of unpaid invoices and bad debt.

Our top tips from 2009

Setting credit terms makes good business sense
They protect your business when you sell your goods or provide a service, help you build relationships with your customers and promote your business and support your cash flow.

Credit check and monitor your suppliers as well as your customers
Suppliers who deliver your goods late or not at all, or become bankrupt can seriously threaten your business survival. So it makes good sense to establish how financially stable they are before you start doing business with them, and on an ongoing basis.

Prevent debts from turning bad

1. Take early action: It makes you more likely to receive due consideration from customers, who are often struggling to pay back a number of different debts.
2. Don't treat all customers the same: You could encourage lower risk customers to contact you whereas you might proactively call your higher risk customers.
3. Be upfront with customers from the start: However well you manage debts owed to you by customers, you're more likely to get paid quickly if you've demonstrated from day one that you expect prompt payment, and that you're willing and able to act if this doesn't occur.

Where we are now

CREDITFOCUS has helped its users credit check hundreds of thousands of businesses.

The Average CREDITFOCUS Pro user has been warned about at least 2 new CCJs against businesses they trade with.

Our users have recovered more than £10 million in bad debts.

88% of users believe it's good value for money and 83% would recommend it.

Product updates

Our top 5 from 2009

1. Your CREDITFOCUS application was updated to include 6 months of credit score history
2. CREDITFOCUS won the 2009 Regional Business Award in the category 'Orange best use of technology in business.'
3. We launched the CREDITFOCUS Recommend a Friend Scheme.
4. We launched the new and improved CREDITFOCUS website.
5. We added the new 'Using our logos' feature which enables you to use our CREDITFOCUS logos* on your business websites, invoices, credit terms letters and company presentations. 

SDM productions International Ltd is just one of the many companies that is making use of this feature. Click here  to see how they have used the logo on their website.

  * Subject to full Terms & Conditions.