The issue of late payments continues to plague businesses of all sizes, and as such it has gained awareness at a national level.  Recently, the Government held its first working party to look at this problem, calling upon a group of business representatives to examine the issues behind late payment of suppliers.

Next year will see the introduction of the EU Late Payment directive, which sets 30 days as the standard payment term and enables suppliers to levy penalties and interest on late settlements, helping them to avoid costly delays.

Our UK Sales Director, Lucy Beck, discussed the issue of late payments and the costly effects on small businesses in an article published in Real Business magazine. The article looks at the negative impact of late payments on SMEs, and how it can be avoided with better management so that payment systems and processes can track and hit settlement deadlines.

You can read the full article on avoiding late payment penalties here:  http://realbusiness.co.uk/advice_and_guides/avoiding-late-payment-penalties-terms-of-endearment