Companies are worried that an important customer would switch to a rival supplier if they insisted on their right to Late Payment Interest

A recent web poll by the Better Payment Practice Group found that of 420 respondents 69% were worried that they may lose an important customer to a business rival if they insisted on prompt payment. This fear was strongest in the smallest businesses.  However, 31% of businesses thought the prospect of losing business was outweighed by the advantages gained by their right to claim interest on late payment.

Mike Purdom of the Better Payment Practice Group Secretariat said that; “This survey shows that there is still some way to go before the idea that insisting on prompt payment is not only good business practice but a right that all businesses should exercise becomes mainstream in the business world.”

You can keep up to date with the Better Payment Practice Campaign by sending us an email