Do you worry about the delayed payments form vendors and suppliers? This can be the biggest challenge while running an MSME.
The government has introduced some platforms to deal with this issue.
Thes platforms will allow businesses to register cases about delayed payments, monitor delayed payments, and help with the discounting of bills and invoices of MSME suppliers.
Here are the two platforms that you can register with and monitor delayed MSME payments:
1. MSME Samadhaan
This is an online portal that takes care of the delayed payments to MSMEs. A small business owner can register the delayed payment complaints and can even gain interest on late payments.
MSMEs can register their invoices here and if the buyers fail to make payments within 45 days, they have to pay the compound interest with the monthly rates to the supplier.
The interest amount will then be three times the bank rate.
2. TREDs Platform
This is an online platform to help with the discounting of bills and invoices of the MSME suppliers. It helps MSMEs get their payments faster. This platform also has a lower annual interest for MSMEs.
Few other ways to handle delayed payments:
- Besides these, the RBI has proposed setting up a section on the Government platform which will allow MSMEs to set up an information utility where the MSMEs have to upload their invoices, only above a certain amount. This will help automatically generate details of all the defaulters.
- Positive cash flow is important for any business. Maintaining a good cash flow helps in dealing with delayed payments. By doing this, you will not have to depend on the vendor/supplier payments to keep your business running smoothly.
If you want a loan for your MSME, contact Gromor Finance for quick unsecured loans!