Mortgage Black Monday is what it’s been called. The day when one in ten mortgages were pulled.

And that’s been just one day in a shocking few weeks when banks have been collapsing or being swallowed up by new super-banks, while governments around the world are bailing out the financial sector … or not. It could hardly be called a good month for money!

With everyone clamping down at the moment and trying to keep on top of their cashflow, big businesses are not playing fair. Small businesses are being held to ransom as those higher up the food chain delay payments by as much as two months to maintain their own cash-flow.

With Boots leading the way earlier this year announcing it would now pay on 75 days and not the previous 30 days, it’s the small business that’s feeling it most.

So what can be done about it then?

Have you thought about tightening up your credit control? Do you have terms that you send out stating payment dates? Do you have procedures in place to make sure you keep on top of your debts?

Most people don’t enjoy chasing debts, but if you don’t, then it’s you and your business that suffers, so get a procedure in place.

Issue the invoice then make contact several days later to see if your customer has firstly received it, and secondly make sure it’s correct and they are aware of payment terms.

Then don’t fail to chase it two days after it’s due, if it’s not already been paid. You might find this approach uncomfortable, but if cash flow dries up it’s death for your business.

There is no need to be rude or aggressive. Polite and friendly will often get you further. Should a customer be having problems paying, work out a repayment schedule with them. Remember, something is better than nothing in this instance!

OK, so you have your credit control working for you, but still face the possibility of cashflow shortages. Well perhaps this is the time to go and talk to your friendly business banking manager.

Just think, if you are still solvent and moving forwards, you are more likely, even with the current climate, to get a positive response, even if it’s just arranging a small overdraft facility or loan. Don’t forget that even with controls tightening, banks still have products to sell and profits to make.

You don’t like surprises and neither do the banks (oh, how they must be suffering right now!), so a decent business bank manager is much more likely to be open to your requests before you find yourself in desperate financial straits.

In recent weeks, given the remit of covering business money, I’ve said quite a lot about the state of the economy. I’m going to give it a break this week; either confidence will return or it won’t (and I still believe a lot of the problem has been about either confidence or more likely overconfidence when it comes to, say, valuing a house and the bank valuing its assets on the value of the mortgage) and that’s pretty much that.

What’s more disturbing is the report today that we’re increasingly victims of Internet Fraud. Granted, this week is the week of the Infosec show in London so there will be a lot of people talking up security stories out there but it remains a concern that official figures are underestimating how many people are losing money by so much.

The usual caveats apply and the calls for a Cybercrime unit make a lot of sense. In the meantime this is going to hit customer confidence very hard indeed – it was getting a lot of coverage on the Today programme, for example. Businesses that have downsized to take account of non-face-to-face trading could be in for an unpleasant reality check (elsewhere the BBC has reported – shock horror – that people are increasingly resorting to cash they actually have to fund their purchases).

It’s just what we didn’t need, and makes it a good time for Internet traders to look at and upgrade their security – this afternoon would be a good time.