foxy stars:
rikki the firm you’re talking about must surely be about to hit the skids if this is what they’re proposing. you talk yourself of doing background checks i suggest that one is done on this firm cos i don’t think that they’ve got the required amount of capital behind themstay well clear of this firm…
I too would see this as a strong warning sign that the company in question had cashflow problems and I would pull off if I was on for them.
goaty - don’t get me wrong am no expert on this matter but if you do a job you don’t seriously expect a person to accept less than the sum on the invoice or maybe you won the lottery and couldn’t give two stuffs if you gets paid or not cos you get more than enough in interest to keep your rig on the road…
i was just merely making a point that us mere mortals can’t afford to lose anything let alone 5% of a figure that we were being squeezed to produce in first instance…
Depending on your financial situation it might be worth thing the 5% hit to keep the cash flow going.
How many company’s large and small factor invoices which is in effect taking a discount to get the cash flow to run there business.
Harry Monk:
foxy stars:
rikki the firm you’re talking about must surely be about to hit the skids if this is what they’re proposing. you talk yourself of doing background checks i suggest that one is done on this firm cos i don’t think that they’ve got the required amount of capital behind themstay well clear of this firm…
I too would see this as a strong warning sign that the company in question had cashflow problems and I would pull off if I was on for them.
Or just the fact they can use there suppliers money for a bit longer. The company I used to do a few loads for that paid on 90 days have been trading for many years and the money was always there on the due date in to my bank account. A very good friend of mine works in there accounts office and she said the reason that its 90 days is most of there customers are 90 days.
It’s up to you as a business to take it or leave it.
foxy stars:
goaty - don’t get me wrong am no expert on this matter but if you do a job you don’t seriously expect a person to accept less than the sum on the invoice or maybe you won the lottery and couldn’t give two stuffs if you gets paid or not cos you get more than enough in interest to keep your rig on the road…i was just merely making a point that us mere mortals can’t afford to lose anything let alone 5% of a figure that we were being squeezed to produce in first instance…
I was taking this ■■■■, “Foxy”. 
Last week you were seeking advice now you’re giving it, fair play. 
not giving advice - i just read it and it seemed so far out of order that i thought the OP must be havin a giraffe…
and from the pm you sent i expected nothing less from you 
kr79:
[ The company I used to do a few loads for that paid on 90 days have been trading for many years and the money was always there on the due date in to my bank account. A very good friend of mine works in there accounts office and she said the reason that its 90 days is most of there customers are 90 days.
It’s up to you as a business to take it or leave it.
The abattoirs I work for are usually on 90 day payments from the supermarkets, unfortunately they won’t give me 90 days credit on my shopping
As some of you may know I’m plating cars up and down country.
Payment terms vary but never more than 30 days.
Fuel card is 30 days too so often the fuel bill gets taken just before my invoice gets paid 
Denis F:
kr79:
[ The company I used to do a few loads for that paid on 90 days have been trading for many years and the money was always there on the due date in to my bank account. A very good friend of mine works in there accounts office and she said the reason that its 90 days is most of there customers are 90 days.
It’s up to you as a business to take it or leave it.The abattoirs I work for are usually on 90 day payments from the supermarkets, unfortunately they won’t give me 90 days credit on my shopping
That’s the problem lol. Same as fuel I’m guessing no one gets mate than 30 days credit on there fuel card.
kr79:
That’s the problem lol. Same as fuel I’m guessing no one gets mate than 30 days credit on there fuel card.
I choose to pay for my fuel on 7 days credit ie get it one week and pay for it the next,
that way if it goes quiet for a week or i fancy a week or 2 off i know everythings paid,
might sound strange to some but it works for me
That’s a good idea.
dar1976:
As some of you may know I’m plating cars up and down country.Payment terms vary but never more than 30 days.
Fuel card is 30 days too so often the fuel bill gets taken just before my invoice gets paid
I too plate,I get paid weekly and I have a fuel card that they pay for. I have NO fuel to pay!
kr79:
That’s the problem lol. Same as fuel I’m guessing no one gets mate than 30 days credit on there fuel card.
I get nearly 30 on one card ( billed every fortnight and taken by direct debit 14 days later ) , I also have a card which bills at the end of the week and takes their money in the middle of the next week
kr79:
Depending on your financial situation it might be worth thing the 5% hit to keep the cash flow going.
How many company’s large and small factor invoices which is in effect taking a discount to get the cash flow to run there business.
Well, a 5% rate cut, which is what it effectively is, isn’t good news for the subbies, especially with the cost of everything else going up. I agree with you that it is very similar to factoring but that’s something to be avoided like the plague too.
Personally, I pay every received invoice as soon as I get it, I’d sooner have a reputation for being a lightning-quick payer than cling on to money I owe someone for as long as I can get away with, and with all due modesty 
that is the reputation I have already and as a result, I can give anyone I trade with as a reference.
I can’t help feeling that some more information should be provided about the firm this relates to. Even if it turns out to be nothing more than rumour then TruckNet would not be open to legal action if false information was removed on request. There seem to be drivers who are about to be tucked up here and TruckNet is supposed to be “By drivers. For drivers”.
Denis F:
I get nearly 30 on one card ( billed every fortnight and taken by direct debit 14 days later ) , I also have a card which bills at the end of the week and takes their money in the middle of the next week
Same. But the fuel company which takes the money the quickest is also the one that gives me the cheapest price week in, week out (Silvey’s), and by more than enough not to bother getting three weeks’ credit on one of my other cards.
I pay my subbies 30 days EOM and I will if necessary pay ODs earlier were I can , as someone else said a company starting to stretch terms to 60 or more days could be a warning as if these are regular subbies doing regular work all this company is doing is building up a one month cushion of money owed to subbies then having to basically pay everyone every 30 days again so within a couple of months there back to square one again what are they going to do then stretch to 90 days!!
Ive known our place pay 90 days to the dot, but weve had subbies in who have been paid cash on the spot (normally return as its rarely a 1 way job).
edwardj:
I pay my subbies 30 days EOM and I will if necessary pay ODs earlier were I can , as someone else said a company starting to stretch terms to 60 or more days could be a warning as if these are regular subbies doing regular work all this company is doing is building up a one month cushion of money owed to subbies then having to basically pay everyone every 30 days again so within a couple of months there back to square one again what are they going to do then stretch to 90 days!!
Exactly, it’s a shame Rikki is too timid to name the company in question rather than starting a thread and leaving everybody guessing.
By drivers, for drivers, my arse. Maybe once upon a time.
I think 30 days eom is a happy middle ground. If you’ve got someone you’re invoicing every other day it actually becomes a book-keeping pain constantly processing payments (particularly the surprising amount that still post cheques) made from x days from date of invoice. One lump payment per month for all work done, or you’ve done for someone else, is the most sensible bet.
I’m still happy enough with being paid on receipt of invoice.