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Old Ways Won’t Open New Doors

The only constant is change

Heraclitus coined that phrase about two-thousand years ago. Little did he know that when it popped into his noggin how true it would be (well, he probably did. He was pretty cluey).

We only need to take a look at the world around us to realise how insightful those five words are. Emerging technological advances are continuously transforming the world, moulding traditional industries into new ones. Driverless cars are changing the stuffy, old automotive industry. Uber and Lyft have practically rendered the taxi industry useless. And cutting-edge devices seemingly upgrade the telecommunications industry almost daily.

Our very own debt collection industry hasn’t been spared from this period of disruption. In our little corner of the world, there are a plethora of software programs that aim to make the collection of money owed to small businesses easier by making the collection process digital and easy.

Then there’s us

While this period of constant change in almost every industry has been exciting, the one thing that hasn’t changed, sadly, is us.

Humans, we mean.

Let’s just admit it, to be human is to be lazy. Especially when it comes to doing things that we don’t really want to do – taking out the bins, mowing the lawn and, yes, paying our bills.

It is an interesting dichotomy to explore: the world constantly updates and changes and becomes easier and more innovative and, while we’re the ones that make it so, there is no cure or innovation for our own deep-seeded laziness. It is something simply ingrained into our DNA.

Are we making inroads?

Despite the fact that we spend less time chasing payments as a result of technological advancements, it’s not really changing the problem and people are still getting away with not paying what is rightly owed to small businesses. If we as business owners are to change the payment practices of late-paying customers, then we need to change our own behaviour, practices and attitudes, not just the technology.

This means taking action that makes a difference, delivering the money to the pocket of the people who earn it. Until then, small businesses will continue to be seen as a free source of goods and services. While automated emails, letter and phone calls can work, at the end of the day there is no motivation or obligation for late payers to comply.

This was the spark with which Late Payer List sprung to life.

Late Payer List is a register that shares information and shares the unacceptable behaviour of late payers with other members of the business community. In turn, the risk of a ruined reputation and a loss of future clients will act as the motivation late payers need to ensure they pay what is owed on time.

Late payers paying on time? That’s a notion not even Heraclitus could’ve dreamed up.