Wednesday 25 April, 2012

Findings of a new research report by the commercial credit referencing agency Graydon UK and the Forum of Private Business revealed that 16% of respondents have almost been put out of business as a result of late payments.

The survey, which canvassed the views of 500 UK small businesses found that just over half (51%) of companies cite that the late payment of trade invoices is a problem.

Some 65% of respondents reported customers extending their payment terms without notice or consultation. 27% said suppliers had universally changed terms and conditions and 25% that customers had withheld final payments without consent in order to assess the quality of work first. Read more.