victims employing more than 250 people only had an average 12.3% of invoices paid late.
Bibby Financial Services West Midlands spokesperson Sharon Wiltshire said: "We identified late payment
as a serious problem affecting the region's SMEs at the end of 2012 and it is worrying to see that the problem is still hampering plans for growth in 2013.
Charles Wilson, Managing Director of Lovetts says: "As the economic recovery continues to falter, Lovetts is seeing more businesses taking a harder line on late payment
to protect themselves from the risk of bad debt.
The UK was one of the first countries to introduce late payment
legislation and is already seen as an exemplar across Europe.
Rapporteur Barbara Weiler (S&D, Germany) proposed equal treatment for private firms and public powers as far as penalties for late payment
are concerned, marking a difference with the position of the European Commission and Council.
He said that all banks had been informed to accept bill payments without any late payment
Shining a light on the unacceptable late payment
culture in this way is vital to ensuring that all small businesses are given the support they need and get paid quickly a key part of our modern Industrial Strategy.
"But as a former small business owner, I know the huge impact a late payment
can have on the ability of a small business to plan, invest and grow.
To deal with this issue of constant late payment
, the UK Government has recently appointed a small business commissioner who can name and shame those who do not keep to the terms and conditions they have agreed with smaller firms.
Indeed, the Late Payment
of Commercial Debts (Interest) Act 1998 ensures that businesses involved in a commercial contract can charge a statutory rate of interest of 8% over the Bank of England base rate on outstanding payments.
More than a quarter (27 percent) of the respondents said they are more likely to respond to a live contact regarding a late payment
than even a restructuring or reduction of their debt (8 percent).
A recent survey shows that 94 percent of American businesses experience late payment
by their customers and nearly half of all invoices were paid past the due date.* For SMBs who withstand millions of dollars in outstanding invoices, waiting to get paid makes it hard to cover costs and keep their businesses moving.