With research showing that over half of Britain’s SMEs are waiting for overdue bills to be settled, partnering with the right payment service provider could help small business owners across the country to release those funds and create a bespoke strategy that accelerates business growth.
Recent research published by insurance company Zurich has found that the UK’s SMEs are waiting on overdue bills to the sum of £44.6 billion. Over one in five small businesses are owed more than £25,000 while nearly one in 10 are waiting on payments of £100,000.
Worse; for a lot of small business owners, the wait is more than a month, with some waiting past the three-month mark to get what they’re owed. The effects on SME owners is staggering; the problem has contributed to countless businesses shutting up shop because of cashflow problems, while a quarter say late payments have seen them charged overdraft costs by their bank.
Partnering with an experienced and supportive payment service provider can be one of the best ways to keep your business and its customers safe. Read our blog ‘Can an online payment service provider keep your customers safe?’ to learn more about payment security.
Tackle the problem with a complex payment service provider
Turning to an experienced payment service provider can help small businesses to overcome late payment woes, boost their cashflow situation and grow their business.
How can a complex payment service provider help? By giving small business owners support and practical solutions when it comes to late payments. Often small business owners have so much to focus on that they feel powerless in regards chasing up late payments.
A payment service provider that cares as much about growing your business as you do will introduce modern payment technology that streamlines your financial strategy, builds stronger relationships with your customers and takes the complexities of financial regulation and compliance from your shoulders.
Partnering with a consultative payment services provider could also be a great way to tackle late payment culture at a time when it’s becoming a political talking point.
With so many small businesses feeling the strain of late payments on their cashflow that is endangering their livelihood, the Federation of Small Businesses (FSB) is welcoming proposals by political parties to reduce the damage felt when large businesses delay payments to smaller suppliers.
Solve cashflow problems now with a consultative payment service provider
Though it sounds positive, political change in this respect is typically slow. SMEs in Europe are entitled to compensation for late payments thanks to the Late Payment Directive. With Brexit on the horizon, it’s just one of many laws that may come under the spotlight during the UK’s negotiations to leave the European Union.
With SME owners focusing all their efforts on building relationships and managing the business, it can be hard for them to find time to learn about financial regulations, compliance, laws and the software that could make a serious difference to improving their working lives.
Small business owners who simply can’t wait for changes in the political landscape can begin to solve their cashflow woes now and get paid sooner with a bespoke financial strategy from the right payment service provider.
Fibonatix is a payment service provider dedicated to boosting small business growth by working with SME owners to unlock their cashflow potential and build positive financial growth strategies. Contact their financial experts today to find out more.
Partnering with an experienced and supportive payment service provider can be one of the best ways to keep your business and its customers safe. Read our blog ‘Can an online payment service provider keep your customers safe?’ to learn more about payment security.
