​Earlier this year, Australia brought in their Payment Times Reporting Scheme which aims to improve payment times for small businesses. It requires large businesses and government enterprises to report their payment terms and times to increase transparency about their performance.

Transaction speed in businesses is ever increasing. So much is now instant or nearly instant. Payments over the internet - whether by credit card or third party portals - allow almost immediate transfer of funds. Convenience is everything. But is convenience costing you more in the long term?