The payment performance of well-known names like Tesco and Diageo has been widely reported in recent weeks but waiting to get paid isn’t just a problem for businesses supplying large companies. A survey by the Institute of Directors found that two thirds of small businesses had suffered as a result of not being paid on time.
My Credit Controllers has launched a new web tool to help affected businesses calculate the compensation they are owed by late-paying customers.
“Though it has been a statutory right since 2014 for businesses to bill commercial customers of any size for compensation when payments become overdue, this is not widely known,” said Sam White, CEO of My Credit Controllers. “Our online calculator shows you the interest and compensation payments you can add to your bill.”
“We think the right to add charges to late invoices should be more widely used. For that reason we’ve made the calculator available for others who want to add it to their own website with instructions how to embed it in a web page.”
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