ISME critical of late payments

Small firms organisation ISME has expressed concern at the increase in late payments, which is it said “crucifying” many companies across the country.

Research conducted by ISME found that 20% of small companies are waiting longer for payment than the corresponding period last year. Only one in four companies are being paid within 30 days, with 28% experiencing delays of 90 days or more. The average payment period is 52 days.

Any prolonged period of payment can effectively choke a business by denying it access to a steady cash flow.