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Late payments are among the most common problems for SMEs. The EU Late Payment Directive 2011/7/EU sets clear rules for payment terms and late payment interest. In this article, we will go through what the directive means in practice and how invoicing software helps with payment tracking.
Late payments – a problem for small businesses
According to the EU Commission, SMEs suffer the most from late payments. Money that should be in the account is tied up in the customer's processes.
Consequences for a small business:
- Cash flow is disrupted – salaries, rent, and taxes still need to be paid on time
- Short-term financing has to be acquired unnecessarily
- Time is spent on sending payment reminders and debt collection
- At worst, unpaid invoices lead to credit losses
Late Payment Directive 2011/7/EU: the basic idea
The EU Late Payment Directive (2011/7/EU) sets minimum requirements for payment terms and late payment interest throughout the EU. Key rules:
- Invoices between businesses: payment terms may not exceed 60 days unless otherwise agreed and it is reasonable
- Public sector: payment term is 30 days
- Late payment interest: at least the ECB reference rate + 8 percentage points
- Compensation for recovery costs: the creditor is entitled to a fixed compensation of at least 40 euros for recovery costs
In Finland, the directive has been implemented into the Act on Payment Terms in Commercial Contracts (30/2013).
Reminder path: how to proceed when an invoice is overdue
An effective reminder process proceeds systematically:
- Due date +1 day: automatic payment reminder (polite)
- Due date +14 days: second reminder, mention of late payment interest
- Due date +30 days: third reminder, warning of debt collection action
- Due date +45 days: transfer to debt collection or legal action
Automatic payment reminders in invoicing software (such as Eemel Invoicing) ensure that no overdue invoice goes unnoticed.
Integration with accounts receivable
For payment tracking, it is essential that the invoicing system and accounts receivable work together:
- Payments are automatically allocated to the correct invoices
- Open receivables are visible in real-time
- Late payment interest is calculated automatically
- Customer-specific payment history helps assess credit risk
Leer más about the benefits of e-invoicing in our e-invoicing article.
Practical example: an advertising agency and long payment terms from large clients
A three-person advertising agency worked for large companies. Payment terms were 45–60 days. Cash flow was constantly tight.
Solution:
- Automatic payment reminders from Eemel Invoicing – reminders were sent after the due date without manual work
- Automatic calculation of late payment interest was displayed in the reminders
- Open receivables were visible on a single screen – no need to browse invoices separately
Result: the average payment period shortened from 47 days to 31 days over six months.
Try it in practice
Eemel Invoicing's automatic payment reminders and accounts receivable keep cash flow under control.
Start for freeFrequently asked questions
What is the maximum allowed payment term between companies?
According to the EU Late Payment Directive, 60 days, unless otherwise agreed and it is reasonable for the creditor.
How much is the late payment interest?
At least the ECB reference rate + 8 percentage points. In Finland, this is often around 11–12% in practice.
Can late payment interest be charged automatically?
Yes. Eemel Invoicing automatically calculates late payment interest and adds it to the payment reminder.
What does the 40 euro standard compensation mean?
The creditor is entitled to a compensation of at least 40 euros for recovery costs without separate proof of actual costs.
How does automatic payment reminder work?
The invoicing software monitors due dates and automatically sends a reminder when an invoice is overdue. You don't have to remember separately.
This article is general in nature and does not constitute legal advice.