Big businesses are continuing to monopolise on their dominant market position and delay invoice payment to small and medium sized businesses, according to Bibby Financial Services.
With the average length of time small and medium sized businesses wait beyond agreed payment terms for an invoice to be paid currently standing at 41.5 days, the independent invoice financier is urging debtors to ‘pay up’.
Recent research from banking industry body BACS showed that small and medium sized businesses are owed a collective £30 billion in late payments, a rise of over £11 billion in the last two years. Furthermore, the number of small and medium sized businesses reporting that they are experiencing payment delays has risen by over 65% since last year.
Edward Rimmer, Bibby Financial Services’ chief executive, UK and Ireland, said: “Small and medium sized businesses are often unaware of the support that is available to them when chasing customer late payment. Thousands of UK businesses have benefitted from invoice finance