30-day rule will harm small businesses

NEW regulations on late payments which will be introduced for all companies later this week, will have a damaging affect on small business, according to ISME.

Chief executive of ISME Mark Fielding said while the regulations were to be welcomed, it will have an adverse impact on small businesses in particular.

“While many aspects of the Bill are positive, the regulations however will provide difficulties for small businesses on a number of fronts. The credit period of 30 days is simply not feasible in the short term for the majority of smaller businesses,” he said.