Eighty-three per cent of small to medium-sized enterprises in Britain are not charging interest on late payments - despite the fact that legislation allowing this was introduced almost a decade ago.
This figure, revealed as part of ongoing research from Bacs Payment Schemes, highlights the ongoing battle SMEs face clawing back the estimated £18.6billion that is collectively owed to them in outstanding payments.
Initially launched on November 1,1998, the Late Payment of Commercial Debts (Interest) Act was introduced to offer SMEs protection against late payments by providing them with the statutory right to charge interest on overdue invoices.
“These figures are surprising considering the scale of late payment problems in Britain,” says Michael Chambers, managing director of BACs. “Research conducted by Bacs at the end of 2007 showed a typical SME is now owed an average of £30,000 at any one time. Looking at this figure and other facts at hand, it’s high time businesses started to tackle this problem head on.”
The franchise business will contact you by means of email and/ or telephone only to the email address and phone number you have provided.
By submitting the enquiry form you are consenting to send your personal information to the selected franchise business.
You also agree to receive further newsletter email marketing from What Franchise.
Close
Late payment legislation
Posted: 26 Jul 2017 | one minute read
Exciting Franchise Opportunities

Start your own Fun Fest for Children franchise
Yes
From £30,000

Request Free Information
Send a free enquiry to Fun Fest for Children for further information!

Start your own Nurse Next Door Franchise franchise
Yes
£574,740

Request Free Information
Send a free enquiry to Nurse Next Door Franchise for further information!

Start your own Treatz Desserts franchise
Yes
N/A

Request Free Information
Send a free enquiry to Treatz Desserts for further information!

Start your own Fat Phill’s franchise
Yes
N/A

Request Free Information
Send a free enquiry to Fat Phill’s for further information!

Start your own Amigos Burgers and Shakes franchise
Yes
£480,000 - £1m (from 14% profit)

Request Free Information
Send a free enquiry to Amigos Burgers and Shakes for further information!
Companies to Consider

Get expert franchising news delivered straight to your inbox
Franchise news, advice and new opportunities delivered weekly.
Must Read Articles
-
50 franchise brands with training programmes in 2025
Added 7 months ago | 2 min read
-
Johnny Pearce: “Sustainability isn’t just a trend – it’s a growth strategy”
Added 2 months ago | 2 min read
-
Franchise funding: How to beat the banks
Added about 3 months ago | 2 min read
Franchises by Minimum Investment
Find your next business opportunity
Search 100s of UK franchises and become your own boss today.
-
Under 10k
Starting a franchise doesn't have to be costly
Click here -
Under 20k
A mid-range investment for the more experienced
Click here -
Under 50k
If you have experience and more to invest
Click here -
Over 50k
If budget is not an issue, then don't miss these
Click here -
Local Franchises
Find the perfect franchise in a location to suit you
Click here
COPYRIGHT © 2025 ARTICHOKE MEDIA LTD Registered in England and Wales No 14769147 Registered Office Address: Jubilee House, 92 Lincoln Road, Peterborough, PE1 2SN
With the publication of Getting Started in Franchising, What-Franchise.com is not offering legal, financial or any other professional advice or endorsements. Readers are encouraged to seek advice from professionals in specialised fields before acting on any information published herein. The views and opinions expressed in Getting Started in Franchising are those of the author(s) and do not necessarily reflect the views and opinions of What-Franchise.com members or staff.
What Franchise Newsletter
Keep up to date with all the industry news