british smes

Late Payments Still Major Concern for UK SMEs

Research by Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit, has revealed that British SMEs are having to wait an average of 41 days longer than their original agreed payment terms, before invoices are paid. This is an increase of 9.5 days on the time SMEs were waiting, beyond agreed deadlines, in June of 2009 (31.5 days), and is contributing to considerable cash flow issues for many British SMEs. Michael Chambers, managing director of Bacs, said: “Small businesses rely on receiving payments on time so that they can maintain cash flow and ensure the business can run on a day-to-day basis.Our research highlights the continued widespread nature and real impact of the late payment problem, which was affecting 961,000 SMEs in December... »