SMEs not paid on time: survey

JUST one-in-five small businesses in Ireland are being paid on time, with most happy to accept this situation to avoid ruining long-standing relationships.

ISME, the Irish small and medium enterprise association said that failure for customers to pay within the 30-day designated period should attract an interest rate penalty of 10.5% per annum.

But it said many small business avoid this route for fear that it will jeopardise their business relationships with larger firms.