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Measures needed to end UK’s ‘late payment culture’
April 23, 2012
Research conducted by credit agency Graydon and the Forum of Private Business (FPB) has revealed that around one in six companies have almost gone out of business as a result of cash flow difficulties arising from the late payment of invoices.
More than half of companies (51pc) said late payment affected their trading, a survey of 500 small business owners found, while 23pc identified it as a “serious problem” for them.
Some 65pc of respondents reported customers extending their payment terms without notice or consultation, while 14pc reported customers demanding discounts for prompt payment that were not agreed at the outset.
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