Agency payment period

[lje]

I invoice monthly with 30 days to pay. I'm direct with the client though, which is a big company. If I was through an agency I would want to invoice weekly with 7 days payment. Too many agencies are failing at the moment to allow more.

[The Agents View]

Only accept 30 (calendar) days or less on contracts i invoice weekly. Monthly i always insist on 7 days or less. (this is with agencies, direct is different rules) which means I have a max generally a max of 5 weeks exposure

More an agency would insist on longer payment terms less likely I am to take the contract as they are basically telling me they have cash flow issues, which would mean I would be nuts to accept even more exposure with them

Terms and Actual are very different - We have 30 day terms, but we take timesheets on Tuesday and pay Friday. The terms for us are just there to cover us more than anything.

[Not So Wise]

Only accept 30 (calendar) days or less on contracts i invoice weekly. Monthly i always insist on 7 days or less. (this is with agencies, direct is different rules) which means I have a max generally a max of 5 weeks exposure

More an agency would insist on longer payment terms less likely I am to take the contract as they are basically telling me they have cash flow issues, which would mean I would be nuts to accept even more exposure with them

[northernladuk]

I have had the full spectrum in the last 4 contracts, all increasing with each contract. First was 7 days after invoice (monthly invoice in all cases btw), moved to another with 14, third wouldn't budge on 30 days and the one I am in now tried slapping 45 days on me . I finally managed to get them down to 30 days again but I know I am an exception and there are a number of people that have just accepted the 45 days. The only upside to the last two is that they are large corporates and I am through a long term strategic partner of theirs so don't have to worry too much about it folding although I have to say I am never 100% comfortable with anything over 14 days but it's not the worst situation to be in.

I don't think the 30 days is anything to do with bank loans though to be honest. In my cases it is just because there is a chain of payments before I get my cut with the period going backwards at every step. They want to get paid before I do thats all. If I was with someone in the situation they are having to scrape days off payment to keep up with loans I would be very very worried!

[Scrag Meister]

Just curious, we currently pay 7 days on receipt of invoice, but having spoken with both contractors and other agents it seems the 30 day period is now back in force - largely I guess as small to medium sized businesses (i.e. recruitment agencies) struggle to maintain loan facilities with banks.

So, really wanted to see what payment periods the folk of CUK typically work to at the moment?

Invoice first Tuesday of the month, paid first Friday of the month, so that is a 4 day turnaround, only 3 invoices with agency so far, but been fine. Their invoice/payment schedule is planned up to December 2011, they sent it to me in my first week, no case for sorry I didn't understand from me.

My previous contract was weekly, timesheets in by Tuesday, paid on Thursday, Think we missed 2 weeks over 3 years cos of managers not being available for approval. Great for cashflow.

[Romanymagic]

Just curious, we currently pay 7 days on receipt of invoice, but having spoken with both contractors and other agents it seems the 30 day period is now back in force - largely I guess as small to medium sized businesses (i.e. recruitment agencies) struggle to maintain loan facilities with banks.

So, really wanted to see what payment periods the folk of CUK typically work to at the moment?