The payment performance of well-known companies such as Tesco has been widely reported in recent weeks but waiting to get paid isn’t a 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 have a right to add to your bill.”
“We think the right to add charges to late invoices should be more widely known. For that reason we’ve provided instructions for others who want to add the calculator widget to their own websites.”