David Cameron pledged today to crack down on late payments.
The PM said he would take action against late payments, which in some cases can lead to staff not being paid and even drive SMEs out of business. He plans to announce a consultation on tackling late payment and whether there is a case for further legislation or penalties.
“It’s not right that suppliers are not getting paid on time for the work they do and the services they provide, and I know that late payment can have devastating effects on our small and medium-sized businesses.” he said
If you collect regular payments from customers, you could wait for legislation or take matters into your own hands today with direct debit.