Despite UK government efforts to increase penalties on firms who fail to pay suppliers on time, the impact on small businesses is increasing, agree industry advocates and a market participant.
“[Recent government proposals] are giving big customers the out to say, ‘no, we don’t have unfair payment practices, we’re just useless. We’re not systemically mean, we’re just a bit hopeless,’” says Louise Beaumont, co-chair, Open Banking Payments Working Group, techUK.
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