Small firms wait longest for payment

THE smaller the enterprise the longer the wait when it comes to receiving payment, according to the ISME Credit Watch Survey for summer 2011.

Small businesses are waiting 77 days on average, while medium firms are paid in 67 days. The survey also found that both big business and state agencies are continuing to increase the credit taken.

While Government agencies have been instructed to pay bills within 15 days of receiving an invoice, the reality is the average payment period for SMEs is 73 days.