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Post by rosieandjim on Aug 22, 2016 22:13:47 GMT
Hi,
Can you update us on the status of invoice 000360 please? It was due for repayment on 14th August so is now 8 days late. What are the reasons for this invoice not being paid please?
Thanks.
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Post by buttchopf23 on Aug 23, 2016 6:42:20 GMT
I asked kristjan directly and he says that stepnell is contacted but no reply yet (as it is a huge Company and processes Need some time...).
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Post by kristjan on Aug 23, 2016 7:02:04 GMT
I asked kristjan directly and he says that the debtor is contacted but no reply yet (as it is a huge Company and processes Need some time...). Hello all, A lot of companies outsource accounting services and even the ones that don't can sometimes be difficult to contact when the client relationship has just started. We try to get a concrete contact person in place to make sure everything is handled promptly. Because it was this debtor's first invoice on our platform, we hadn't yet had that opportunity. In any event, the invoice has now been paid, but unfortunately to the seller's account and with a cheque. What does it mean for investors? It means that investors will receive their funds by the end of the week. Overdue fees will of course be added to the principal and interest. We are sorry for the inconvenience and will make sure all parties adhere to the factoring arrangement requirements in the future.
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Post by buttchopf23 on Aug 23, 2016 8:32:00 GMT
Is it still common in the uk to use ancient developments like cheques for payment?
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Post by kristjan on Aug 23, 2016 8:49:20 GMT
Is it still common in the uk to use ancient developments like cheques for payment? In some sectors it can be common. We will make sure all future payments are done via bank transfer as was agreed initially.
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Post by webbski9 on Aug 30, 2016 11:39:35 GMT
What news on the overdue invoice Kristjan?
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Post by kristjan on Aug 30, 2016 12:22:12 GMT
What news on the overdue invoice Kristjan? Currently we're still waiting. It can take up to a week for the cheque to clear in some instances. We will let investors know if there are any other issues.
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Post by webbski9 on Aug 30, 2016 13:20:22 GMT
Thanks.Ah,the joys of cheque clearance !!!!
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Post by buttchopf23 on Aug 31, 2016 9:12:48 GMT
As there are no new invoices to invest, we as investors, should be thankfol for the delay, as our money stays invested and we will be compensated for the delay  |
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Post by kristjan on Aug 31, 2016 9:22:02 GMT
As there are no new invoices to invest, we as investors, should be thankfol for the delay, as our money stays invested and we will be compensated for the delay At least you see the humour in this. Fortunately the vacation period is ending, which will make it easier to reach new customers. We also have a number for customers signed up from earlier on. A lot of companies sign up before they actually need the service so they have their accounts set up by the time they do need us. I'm sure some of them will reach that stage in early September.
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Post by buttchopf23 on Aug 31, 2016 12:45:31 GMT
I'm convinced that we will see an uptick in volumes again in September  |
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Post by rosieandjim on Sept 1, 2016 17:38:13 GMT
Hi,
So we're now at the close of business on the 1st Sept, and the cheque for invoice 000360 still hasn't cleared.
To add to our troubles, invoice 000363 (the same buyer/seller) was additionally due for repayment today and that hasn't happened either!
Are we in the same situation here? waiting for a cheque to clear for 000363 as well as 000360 (although it was previously stated that cheques would no longer be used).
I'm starting to lose confidence in the process, please help me :-)
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Post by kristjan on Sept 2, 2016 6:49:41 GMT
Hi, So we're now at the close of business on the 1st Sept, and the cheque for invoice 000360 still hasn't cleared. To add to our troubles, invoice 000363 (the same buyer/seller) was additionally due for repayment today and that hasn't happened either! Are we in the same situation here? waiting for a cheque to clear for 000363 as well as 000360 (although it was previously stated that cheques would no longer be used). I'm starting to lose confidence in the process, please help me :-) We will contact them again today to get an update.
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p2pmaster
investment is life.
Posts: 128 
Likes: 54
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Post by p2pmaster on Sept 2, 2016 7:23:44 GMT
As an investor, I would love that you contact them even without our questions on the overdue status.
Could you please elaborate on how you manage overdue invoices and what steps at which dates are taken by your team to ensure full repayment?
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Post by kristjan on Sept 2, 2016 8:04:51 GMT
As an investor, I would love that you contact them even without our questions on the overdue status. Could you please elaborate on how you manage overdue invoices and what steps at which dates are taken by your team to ensure full repayment? We keep contact with customers as often as needed. In this case we know the customer was waiting for the cheque to clear and we decided to wait until the end of the week (i.e. today) before asking for an update. We have a collection table that we monitor and we make contact as soon as it is needed. With overdue invoices we contact the seller first and ask them for an update. In some cases the funds have been erroneously sent to their account (happens with debtors who are new to our service). If needed, we also contact the debtor. If and when the debtor is unable to pay, we do a full recourse - i.e. ask the seller to repurchase the invoice in full. This hasn't been necessary so far. For smaller companies we also ask for a director's guarantee (from the seller company) to ensure payment.
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