The latest research figures show that the construction industry continues to suffer from late payment. Figures from the Department for Business, Energy and Industrial Strategy show that UK businesses as a whole are owed around £26.8bn.
Construction companies are hit the hardest by late payments, forced to wait 82 days for invoices to be paid and according to the recent Euler Hermes Quarterly Overdue Payments Report, late payments in the construction industry rose by 27% during 2015.
A new online platform, www.thetenderspace.com, is designed to help businesses quickly and easily check the credit risk rating and payment trends of potential partners and notifies subscribers if there is any change to a credit rating.
TenderSpace CEO David Stapleton commented: “The ability to check the credit rating of potential project partners, main contractors and supply companies is really important.
“Unless you do a credit check, you just don’t know whether they’re capable of paying you. That’s why the TenderSpace ‘Finance Checker’ is such a valuable feature.”
David also stresses the need for getting invoices out on time, chasing up all late payments and consider including late payment fees on invoices. “You have to chase late payment, no matter how busy you are,” he continued. “Using the Finance Checker you can also see if you are dealing with a “can’t pay” or “won’t pay” client or supplier.”
TenderSpace, which matches contractors and installers with property developers, construction and public sector building project managers, also includes a number of tools designed to grow and protect a business including a Work Finder and Profile Builder, an intuitive interpretation of PAS 91, which is designed to save time on paperwork for contractors and allows contractors to showcase themselves to potential customers.