(PRWEB UK) 15 October 2012
The European Directive, otherwise known as the Late Payments Directive (LPD) is set to be introduced in the UK by March 2013. In an attempt to offer support to suppliers, the move aims to protect companies from late payment with four key proposals. With a default 30 day payment deadline for the majority of transactions, as well as a €40 compensation on invoices paid late, it is hoped that the amount of firms suffering from late payments will be reduced. However, for business to business deals there will be slightly more leniency, with an extended 60 day deadline.
Providing integrated solutions to a number of large corporations, SMEs, charities and clubs, the team at SmartDebit were naturally interested to hear news surrounding payment efficiency and a spokesman for the company shares their thoughts on the matter.
“It’s really encouraging to see action being taken to safeguard businesses against the damage that late payments can bring, so we’re looking forward to monitoring the progress of this latest development.”
The representative also goes on to explain the benefits of Direct Debit for businesses concerned about the effects of late payments.
“Direct Debits are the preferred method of payment for over half of the UK’s bill paying residents. Particularly suitable for regular payment collection, the service also allows managers to save on administration costs and duties.”
SmartDebit™ are the UK’s leading Direct Debit service providers, specialising in payment processing services since 1998. A Bacs approved Bureau, scoring ‘Excellent’ in all five categories of the Bacs audit, and ISO 27001 compliant. Providing a complete range of services: Outsourcing; SmartDebit-Admin cloud based portal; SmartDebit-Online payer sign up; SmartDebit-API integrated solution and SmartDebit-Contingency.