Working with the right payment service provider can help smaller businesses and SMEs take the next step, boost their growth prospects and prevent them from being at the mercy of larger companies.
A recent study by insurance specialists Zurich has discovered just how invisible SMEs can feel to larger entities. According to their research, 53% of late payments to small businesses were from firms larger than their own, with SMEs owed an average of £16,250.
At the same time, 45% of small businesses subject to late payments said they had to wait up to three months for a payment to be processed, while 14% of respondents had to wait up to six months.
It can feel terribly unfair when larger firms who have the money hold onto it, especially when an SME owner has worked incredibly hard to win their business and provide a service for them.
Unblocking that cash flow, though, could be made much easier by choosing a payment service provider dedicated to streamlining the way you handle your incomings.
A good payment service provider champions small businesses
It isn’t just larger firms on a B2B level that can treat smaller businesses at face value. Larger financial entities too can jeopardise an SME’s cash flow by not providing them with as close and as personal a service as a payment service provider should.
A problem which is being made much tougher when SMEs are struggling at choosing a payment service provider thanks to the rapid rate of branch closures across UK high streets.
With the average small business owner in the UK working approximately 50 hours a week and an astonishing 1,000 branch closures between 2014-16, it’s fair to say that the availability of a strong, local presence in the form of a personable payment service provider is becoming harder as time rolls on.
Consider too that 60% of all private sector employees work for SMEs and it simply makes sense for everybody that those smaller businesses get the support they need and access to the right financial options to grow to ensure that everyone can benefit, no matter what the size of the company.
Choosing a payment service provider that works with you
It’s easy to say that, though. That rhetoric can be seen as preaching to the choir; the philosophy is all well and good, but how does that help senior managers at small businesses or SME owners who are facing the prospect of another month where a larger business is denying them their rightful income?
By leading from the front. FIbonatix is a payment service provider dedicated to partnering with and working alongside small businesses to unlock their capital, improve their cash flow and discover brand new financial avenues and opportunities that will allow them to grow their business and take it to the next level.
Our dedicated team will work with online businesses and SMEs to deliver perfect payment solutions, help companies navigate the complexities of compliance and streamline internal and external payment processes that will be hugely beneficial to the future of the company.
FIbonatix also charges as low as 1.5% for payment charges; much lower than PayPal’s 3.5%. Contact the Fibonatix team today to find out more.