Add Your Idea

30 day payment terms should be a legal requirement

Comment 8th July 2010

I run a small business and have constant problems getting paid. I deal with public companies, private companies and research institutes.  I always put payment terms of 30 days on my invoices, but rarely get paid in 30 days. Some companies' terms and conditions specify 4 – 6 weeks, and some large companies force suppliers to wait 90 days!  The law should be changed so that if a company specifies 30 days on their paperwork, any delay will automatically add substantial interest to the total as a penalty.

Why does this matter?

Many small businesses close down due to the late payment policy of large organisations.  It was only when I ran a company myself that I realised how a company can fold with a full order book due to lack of funds.  This needs to be changed as soon as possible.



Highlighted posts


Add Your Idea

Comment on this idea

Good idea? Bad idea? Let us know your thoughts.


Back to top
Add Your Idea