According to research from BACs published in 2018, almost half of the UK’s SMEs receive late payments. The average is 72 days. In cash terms, this represents £26 billion owed. Paul Daine of Premium Collections, has this to say about cash-flow issues for small and medium sized businesses, “Chasing payments is a huge barrier to productivity and growth. Late payments are not just an inconvenience, because they can make the difference between keeping afloat or actually going out of business.”
If late payments are so prevalent,