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|More businesses act on Late Payment Act - Making it more expensive for customers to pay late|
|Tuesday, 16 June 2015|
More businesses are taking matters into their own hands when it comes to tackling late payment rather than wait for Government intervention according to new analysis by Lovetts, the commercial debt recovery law firm.
Confidence to take a stand against poor paying customers seems to be growing as Lovetts has seen a gradual but encouraging rise in the number of businesses using the late payment legislation to claim compensation and interest from their customers for overdue invoices. In 2005 just 1% of Lovetts clients were claiming compensation, now the proportion has risen to 24%. The need for payment appears to be overcoming the fear of damaging client relationships.
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