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<p>We know that the collective cost of late payment has been, and remains, a significant
burden for small and medium sized businesses. Small businesses spend too much valuable
time and resource chasing late payments, which impacts on their ability to invest
in growth.</p><br /><p>The Department does not hold the information required to make
an estimate of the collective cost to small and medium-sized businesses to recover
overdue payments in each of the last five years. As late payment affects so many different
types of business in different ways, no single survey gives a full picture of the
impact of late payment on small and medium-sized businesses. The three sources that
we look to as an indicator of late payment are the SME finance monitor, the regular
BACs survey and Experian’s late payment index.</p>
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