UK SMEs will welcome new data from the Federation of Small Businesses (FSB) and its call for Government to strengthen the Prompt Payment Code to make it easier for firms to take action against the scourge of late payments.
That's the view from Eazipay Ltd, the UK's largest Direct Debit processing company, which set-up an online e-petition in 2013 calling on the government to take much firmer action to help small businesses get paid on time.
The UK's Direct Debit schemes will not be affected by the introduction of the Single Euro Payments Area Direct Debit system next month (1 February 2014).
UK businesses are being urged to plan in advance to avoid missing crucial payments over the Christmas holidays.
Bacs Payment Schemes Ltd, the company behind Direct Debit and Direct Credit, is reminding businesses which routinely pay via an automated system, to make plans to ensure staff and suppliers who are normally paid at the end of the month don't miss out because of the non-processing days of over the festive period.
Councils are being urged to access millions of pounds in pain-free savings to help fill the hole left in local authority coffers by government budget cuts and all they need to do is change the way residents pay council tax.
Business transactions made via Direct Debit outstripped cheque payments for the first time in 2012, underpinning new research showing that SMEs overwhelmingly favour Direct Debit over alternative payment methods.