July 29 2004. The Better Payment Practice Group (BPPG) has launched a new version of its popular credit management guide and wallchart. The free guide contains updated information to help both suppliers and buyers tackle late payment. The wallchart, to be used alongside the guide, helps firms to allocate the right resources to chasing debts.

The 'Better Payment Practice Guide To Paying And Being Paid On Time' provides advice for suppliers on credit checking new customers, managing credit risk and collecting payments promptly. It also offers advice to buyers on fostering good relationships with suppliers, and operating a positive payment policy. The guide reminds firms of the ethical and economic implications of deliberately paying late and sets out actions to encourage a culture of prompt payment.

The guide also offers information on the late payment legislation, which allows businesses to claim interest and compensation on bills paid late, and provides a useful list of support services and publications.

The Guide and wallchart are available from the DTI Publications Unit on 0870 150 2500 quoting URN 04/606 and URN 04/735.