Late payment law makes clients pay more promptly
28 August 2012
Suppliers have a better chance of being paid on time if they threaten to charge interest on overdue payments, a new report claims.
Research by the Credit Management Research Centre (CMRC) revealed that companies were using late payment legislation to collect money owed and warning clients that interest would be charged if they failed to pay promptly.
Professor Nick Wilson at the CMRC said: "Late payment is still an issue in this country. UK businesses are owed £24 billion in outstanding...