Poor payment practice is costing UK business £20bn a year, according to research commissioned by payments group Prompt Payer. Janice Tracey, Chief Executive of the Chamber of Commerce comments on the NW perspective. "Member feedback indicates that poor payment practices, late or non payment of invoices and the time spent chasing payment is one of the main causes of frustration and sometimes business failure. Having an effective Credit Control system and understanding that it is key to your business success can go a long way to alleviating the problem. Becoming a prompt payer and signing up to the better payment practice code can also help. If you get a reputation as a late payer, word will eventually get around. However if more businesses use the tools at hand to settle accounts quickly and efficiently, the economy as a whole will feel the benefit with positive spin-offs all round.Many young businesses often get no further than the infant stage if they don't understand the importance of effective credit control. Profitable companies can become insolvent in no time if they don't get a handle on Credit Control. Sales are of course important but a sale is not real until it is paid for. You can have a full order book and still go under if optimizing cashflow and avoiding bad debts are not two of your key business objectives. Effective credit control is at the heart of any business, generating that all important cash flow. But for many businesses it is also an unwelcome distraction from the core activity of 'doing business'.This is just one of the topics that will be featured in the Chamber Business School being launched after the summer break. Credit Control, Sales, Marketing, Communication and Business Planning will all feature in the Business School programme. This is part of the Information, Advice and guidance service that the Chamber provides for businesses in the Derry City Council area. Funded by the LSP, this service is open to members and non members. If you are interested in signing up contact Shughes@londonderrychamber.co.uk "