Third-party liability insurance plays a critical role in protecting individuals and businesses from having to pay out of pocket when they’re legally responsible for causing harm or damage to others. In the event of an accident, the third party’s insurer is expected to cover the costs. But in many cases,…
Overdue invoices have long been a major issue for businesses across Australia. Around 74% of Aussie small enterprises experience problems with late payments, with the construction industry affected the most. Many companies are forced to handle debt recovery independently, taking precious time and resources that could’ve been otherwise spent on…
In Australia, the end of financial year (EOFY) on June 30 marks a pivotal time for businesses to finalise their financial records and lodge tax returns. It also provides companies with a valuable opportunity to assess their financial health over the past year. Businesses seeking debt collection also use this…
Late payments are one of the most persistent challenges for Australian businesses. According to industry reports, insolvencies in Australian enterprises rose by 57% over the past year due to delayed payments. Others attribute delays to invoicing errors, disputes, and unclear payment terms. But behind many of these issues lies a…
Late payments remain a systemic threat to Australian businesses, with 2024 data showing approximately 39% of enterprises facing extended payment delays. The crisis has intensified to the point where the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) reports a 50% rise in calls from SMEs facing insolvency due to…
Australia has experienced several economic downturns in recent decades. Supply chain disruptions due to a global pandemic, combined with persistent inflation, significantly affected small and medium-sized businesses (SMBs) in recent years. Many businesses with unclear payment terms and weak collection efforts struggled to maintain their cash flow and ensure long-term…
Australian businesses face ongoing economic challenges shaped by years of disruption. Although the COVID-19 pandemic peaked in 2020 and 2021, its lasting effects on payment habits, consumer confidence, and financial stability are still evident across the country. Rising inflation, interest rates, and increased credit reliance add further pressure. Recent data…
Late payments are a growing issue in Australia, with small and medium-sized businesses (SMBs) often bearing the brunt. When invoices go unpaid for 30, 60, or even 90 days, it disrupts cash flow and makes it difficult for enterprises to pay their own bills, suppliers, or staff. Over time, this…
Delayed invoice settlements are a significant issue for small and medium-sized businesses (SMBs) in Australia. Buyers ‘ negligence can still result in profit losses even with a debt recovery collection agency’s support. Many SMB owners ignore this problem as chasing payments is time-consuming and may risk damaging relationships with regular…
Late payments are on the rise, and businesses are feeling the pinch. According to CreditorWatch’s Business Risk Index, September 2024 saw the highest level of late payments since March 2021. The rate of B2B payments overdue by more than 60 days jumped 21.4% year-on-year and 7.9% since the start of…
Payment disputes are a frustrating but common reality in business. In 2024, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) acknowledged how these delayed payments can impact cash flow and, potentially, the supply chain. This comes after 42% of the ASBFEO’s assistance cases were payment disputes among small businesses. …
Buy Now, Pay Later (BNPL) services have become a game-changer for Australian shoppers, transforming how they purchase goods and services. Unlike traditional credit cards or payment methods, BNPL services let customers make purchases and pay in instalments without incurring interest—provided they meet repayment deadlines. This model has profoundly impacted consumer…