Chancellor’s late payment proposals receive mixed response
 

Chancellor’s late payment proposals receive mixed response

March 21, 2019

The announcement that the Chancellor, Philip Hammond, has pledged to tackle the scourge of late payments in his Spring Statement has been given a cautious welcome by Eazipay Ltd, one of the country’s leading Direct Debit and automated payment processing companies.

Cambridgeshire-based, Eazipay has, for many years, been vocal in its championship of small firms as they battle to receive payment from much larger organisations and has repeatedly called for greater government intervention and support for SMEs.

“For too long, large corporates have been allowed to ride rough-shod over smaller companies by deliberately withholding payments to their suppliers and, in effect, using them as unofficial lines of credit,” says Luisa Grey, a director with Eazipay, adding:

“The chancellor’s announcement that large companies will be forced to reveal their payment practices and appoint a non-executive to oversee payments to small companies is a step in the right direction, but it is only a step.

“We have been calling for much more robust action, like fast-tracking claims for non-payment through the courts together with a policy of naming and shaming persistent late payers. We would also like to see the Small Business Commissioner given extended powers to work through claims quickly.”

Eazipay believes that late payment debts are only one of a growing number of costs facing SMEs as they lawfully pursue money that is rightfully theirs.

Figures released by Bacs Payment Schemes Limited (Bacs), for example, show that the UKs smallest businesses are facing a massive bill of some £6.7 billion just to collect money they are owed. The cost of recovering money now stands at an average of £9,000 a year.

To add insult to injury, a third of small companies are being forced to wait two months, or more, beyond their agreed payment terms before they are paid.

“While we applaud and support the chancellor in his bid to drive the scourge of late payments out of the economy, he has other weapons in his armoury and we would welcome more direct action”, concludes Luisa.

Eazipay, which currently employs 29 full and part time staff, has been at the forefront of collecting and processing automated payments like Direct Debit for over 17 years.

Through its role as a Facility Management Provider, Eazipay provides the link between businesses and their banks so that SME companies can have access to all the benefits and financial control that larger companies have by using Direct Debit as their preferred payment collection process.

In addition to its Direct Debit collection service, Eazipay also offers a range of other automated payment processing services including Faster Payments, Direct Credit transactions, SEPA Direct Debits for payment collection in Euros, and a card payment service allowing its clients to collect and process customer payments via debit and credit card.

For further press information, please contact:

Damion Clark at Real PR (Consultants) LLP. Tel: 01353 667934 or 07789 911314 Email: damion@realpublicrelations.com

Eazipay Limited are authorised and regulated by the Financial Conduct Authority, number 615816 under the Payment Services Regulations 2009 for the provision of payment services. www.fca.org.uk
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk

© eazipay 2015 | sitemap | quality policy

site by prussian blue + tIMC

cookie policy

our website uses cookies and similar technologies to help make this website better Read More

happy to accept?

 

 

Cookie Policy

Our Cookies Policy explains what cookies are, how we use cookies, how third-parties we may partner with may use cookies on the Service, your choices regarding cookies and further

What are cookies

Cookies are small pieces of text sent by your web browser by a website you visit. A cookie file is stored in your web browser and allows the Service or a third-party to recognize you and make your next visit easier and the Service more useful to you.

How Eazipay Ltd uses cookies

When you use and access the Service, we may place a number of cookies files in your web browser.

We use cookies for the following purposes: to enable certain functions of the Service, to provide analytics, to store your preferences, to enable advertisements delivery, including behavioural advertising.

We use both session and persistent cookies on the Service and we use different types of cookies to run the Service:
- Essential cookies. We may use essential cookies to authenticate users and prevent fraudulent use of user accounts.

For the full disclosure section, including all types of cookies, please click here.

Third-party cookies

In addition to our own cookies, we may also use various third-parties cookies to report usage statistics of the Service, deliver advertisements on and through the Service, and so on.

What are your choices regarding cookies

If you'd like to delete cookies or instruct your web browser to delete or refuse cookies, please visit the help pages of your web browser.

Please note, however, that if you delete cookies or refuse to accept them, you might not be able to use all of the features we offer, you may not be able to store your preferences, and some of our pages might not display properly.

More information about cookies

If you would like more information regarding Cookies please visit the below site:
ICO (Information Commissioner’s Office) - https://ico.org.uk/for-the-public/online/cookies/