New research from Satago has found that small businesses in the UK could be owed hundreds of millions of pounds in Late Payment compensation.

The Late Payment of Commercial Debts Act was introduced in 1998 and most recently updated in 2013. Under this legislation, businesses have the statutory right to charge their commercial customers compensation (depending on the size of the invoice) and interest at 8% above base rate when an invoice remains unpaid after its due date.

Unfortunately, many small businesses remain unaware of their rights and, even those that do, are often reluctant to use them for fear of antagonising their customers, even if they are habitual late-paying customers. Download this whitepaper to find out how British SMEs could claim surprisingly large amounts of Late Payment Fees from their customers.