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Slow pay hits New York small firms as economy sours
New York small business owners report rising late payments as cash flow tightens. Independent contractors lose pay, prompting tighter billing. Diana Ennen of Virtual Word Publishing says a six month slowdown worsened in four months, leading to retainer use and credit card holds. Danielle Gibbs of DVA Brand Communications cites about 40 percent late payers and adjusts policies to require deposits and payment plans. Raberta Bernhardt of Citrin Cooperman urges systematic billing, strict credit limits, and timely follow ups to avoid nonpayment.
MENTIONED IN THIS ARTICLE
New York
Diana Ennen
Virtual Word Publishing
Margate
Fila
Ennen
Danielle Gibbs
Gibbs
DVA Brand Communications
Roberta Bernhardt
Citrin Cooperman
White Plains
Bernhardt