Reader Reaction: How much impact will the new legislation have on print?
Thursday, September 29, 2011
Andy Brown, corporate affairs advisor, BPIF "Commercial considerations mean that many small suppliers do not seek to enforce their right to interest, and of course in order to secure business many agree longer credit terms. The key question here is whether legislation should go further by defining payment terms. One of the calls for action on the BPIF’s lobbying priorities document Priorities for Print is for government to legislate to ensure that companies and public bodies cannot enhance their own cashflow by imposing unreasonably drawn out payment terms on suppliers."
Peter Wise, director, Minuteman Press "I am disappointed that the proposed legislation is not stronger. It sets 30 days as the standard term, which can be extended to 60 days to allow for a grace period to review and acknowledge receipt of goods. I would have preferred to hear 30 days full stop. We always get a credit reference for private-sector customers who ask for extended terms. If businesses operating effective credit control processes are experiencing cashflow problems due to clients paying late (or not at all) due to less effective processes - that is clearly very wrong."