The internet is being hailed as the latest weapon against late payers trying to keep creditors from their door.
Trials with sample companies who have tried everything, including the courts, have shown “promising” results, with many offenders finally handing over cheques for old invoices.
The new approach involves a 21 day stay of execution, during which time the latepayer is told in no uncertain terms that unless they pay up they’ll be named in public on the worldwide web.
Trevor Tierney, owner of the website 60days.com, says: “Its working. Small businesses face enough problems without bad payers and debts, and I found out the hard way that a County Court judgement counts for nothing if someone doesn’t want to pay.
“Customers owe UK companies over 20bn at any given time, which is a staggering amount to be outstanding. The effect on cash flow is holding back commerce throughout the UK.
“They report a company that is giving them grief, but we delay the information being shown on the web site for three weeks and tell the bad payer that’s what we’re doing. This threat of name and shame seems to bring it home to the offender.”
Tierney named 60days.com after the minimum time it takes most companies to settle their bills.