Late Payments

SFA Guideline on Late Payments Legislation

Transposition of the Late Payment Legislation came into effect on 16 March 2013. The Directive seeks to address the problem of late payments. Given the wide disparity in current average payment periods throughout Europe it is hoped these updated measures will ease cross-border trading difficulties and help promote a culture of Prompt Payment in Ireland. The Directive also sets out the late payment interest to be automatically levied on overdue payments. .. Read more


How to get Paid on Time - Managing Cash Flow

When small businesses fail, it is seldom because they run out of ideas, customers or products - they simply run out of money! Getting paid on time is a never-ending problem for most small businesses. It causes serious cash flow problems; it requires firms to extend overdraft facilities or engage in additional borrowing and consumes a great deal of scarce management time. This in turn affects .. Read more


Late Payments Directive

Getting paid on time is a never ending problem for most small businesses. Late payment causes serious cash flow problems; requires firms to extend overdraft facilities or engage in additional borrowing and consumes a great deal of management time. This in turn affects the ability of the business to compete, be profitable and expand. SFA “LATE PAYMENT SURVEY” - KEY RESULTS, Average Payment Days in Ireland is 62, 57% of small firms offer credit terms of 30 days or less, 68% of companies experience late payments on their credit terms, Payment Terms: 46% of companies have a written contract on payment terms with their customers; but only 24% include late payment charges in this. 43% carry out credit checks on new customers, Payment History: 67% review payment performance of customers and 58% give credit more selectively based on this, Payment Processing: Just 11% use debt collection agents and 8% include late payment charges to slow paying customers .. Read more


Prompt Payment Official Notice

As a follow up on the Small Business Advisory Group recommendation and a key deliverable in the Action Plan for Jobs, the Government has implemented a prompt payment official notice. It states that all central Government Departments, the Health Service Executive and the local authorities and all other public sector bodies (excluding commercial Semi-State bodies) must pay their suppliers within .. Read more



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