More than seven in 10 SMEs have suffered from late payments over the year, according to research from NatWest and RBS.

The research shows that while the collective value of invoices paid outside of the stipulated terms and conditions is estimated at £62.87bn, less than half of SMEs have taken steps to alleviate the problem.

Peter Ibbetson, chairman small business, NatWest and RBS, says: “Bad debts and late payment of invoices are endemic problems for UK businesses.  For more than one in 10 (12%) firms, over 60% of all their invoices are paid late, causing major cash flow problems for many. What’s concerning is that so few are making use of services from their bank to help alleviate the problem.”