Monthly Account
All invoices become due for payment on the 30th day following the month of invoice. Monthly accounts will only be considered where a company has a minimum of 12 months trading. Statements will be issued on a monthly basis.
Weekly Account
All invoices become due for payment on the 7th day following the date of invoice. Statements will be issued on a weekly basis.
Cash on Delivery (COD) Account
Credit is not given on cash on delivery accounts and all invoices must be paid for on the day of purchase upon delivery of goods.
Debt Collection
At the end of each accounting month / week, a statement is produced and despatched to all debtors on the sales ledger. Invoice queries should be notified to the Accounts Receivable Office within 7 days of receipt of statement, to enable us to process them as quickly as possible. A query on one invoice is not acceptable as a reason for delaying payment on the remaining balance due for payment.
Withdrawal of Credit
Should an account remain outstanding for an excessive period following the due date, action will be taken to withdraw facilities until settlement is made. If an account is regularly overdue, consideration will be made to totally withdrawing credit or downgrading payment terms until the establishment of a satisfactory payment position.
Further Action
Legal action will be taken to recover any debt that remains outstanding, following withdrawal of credit facilities, and where no genuine reason for non-payment has been given. All debt recovery / legal fees will be recharged to the debtor without question.