The Bacs survey, carried out in December, found that while the overall number of SMEs experiencing late payments was 76,000 less than six months previously, down to 785,000, the average amount owed to each business was up £6,000 to £45,000.

The results revealed that the manufacturing industries, under which printers were categorised in the survey, fared worse with an average amount owed of £48,000. A combined outstanding amount of £12.3bn was owed to SMEs in the manufacturing industries, the figures reveal.

Further breakdown of the figures show a significant 73% of manufacturing SMEs had experienced late payments compared to 42% of small businesses in the retail, distribution  and service sectors.

British Association for Print and Communication chairman Sidney Bobb said printers must have a payment policy so their customers could understand exactly what the terms were.

"It is easy to criticise them for not being stringent enough when they take the business on but printers, in particular, are concerned that if they push too hard they will lose their customers," he claimed.

"There is not a lot they can do if these big firms decide they want to extend. But actually more often than not what is happening is that buyers aren’t even telling them when they are going to be paid."

Bobb said the situation was creating "terrible" cashflow problems exacerbated by the banks setting out far more stringent lending criteria.

"It means printers, among other businesses, have no money to invest for growth because they simply have none spare after they’ve paid rent and wages," he added.  

Bobb said even if the economy improved, the situation could stay the same because companies would not want to change their new payment agreements.

The research follows figures revealed in the BPIF’s quarterly Printing Outlook survey of trading trends which showed 72% of respondents had agreed to longer payment terms from their customers in order to retain or secure business. 

Additional questions added in to the report, published last month, asked how widespread late payment and extended payment terms had become in the print industry. 

It showed of the 72% who had accepted longer terms, 25% of extensions were for terms up to 60 days, 70% for up to 90 days and 6% up to 120 days

In general 29% of respondents were affected by an increase in late payments in the 12 months to April 2012.