Last week, the government announced that it had widened the criteria and cut charges from 2% to 1%, removed the £20,000 lower limit and increased the upper limit from £1m to £2m.
However, the scheme has still come under fire from printers who have found that cover is being pulled completely by suppliers, making them ineligible.
Outside the industry, the initiative has been branded a failure as it emerged that the £5bn scheme had only provided £7.1m of cover to 52 businesses.
As a result, some printers have been forced to pay cash up front when paper merchants, unable to insure against their account, were forced to remove credit.
National Association of Paper Merchants director Tim Bowler said: "Our members are worried about the level of cover they have - it is some 30% less than last year."
Bryn Oakley, partner at Astra Printing group, said the problem was a lack of information about the government scheme.
"We are all flat out trying to earn a living, we do not have the time to go looking on the internet to find out about the scheme," he said.
Meanwhile, Ian Collinson, managing director of commercial printer Parker and Collinson, said the take-up was poor because the application process for credit insurance was very restrictive.
However, James Bowker, account director at credit insurance broker Aon Trade Credit, said the halving in cost is significant and would result in increased uptake.
