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Pay 8910, cheers!

March 6, 2010

Last week I spammed my LinkedIn connections about my Pay8910 initiative.

Here is a short summary of the comments I received:

 Hey Bolderick, did you go nuts?’

‘Stop whining Bolderick, this is a small business issue and very irrelevant.  If you want to manage your working capital, just ask for a prepayment before starting to do anything for that client, sent out dunning letters in time , and make them pay interest on outstanding payment. If you do this, money in the bank, as simple as that.’

‘I like the idea of breaking the vicious circle, but your approach is a bit philanthropical. The idea should be to make a decent margin, and as a CFO, you should manage your working capital in a way that the relationship with your suppliers stays ok.’

‘It is a matter of trust. Banks are hesitant these days, so paying your suppliers on time (or even earlier) is hard sometimes’

‘Great idea!’

‘Ok,great idea …  and please tell my Italian customers’

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