Late payment is dangerous.
It destroys the mental health of SME owners, it risks their business, leaves them unable to grow and even makes them perpetrators of the same damaging practice, as many then can’t pay their own suppliers on time as there’s no cashflow.
It’s time to make late payers pay!
Here’s how you make them pay… invoice factoring.
FACT: 43% of SMEs spend £4.4bn in admin chasing late payment.
FACT: 34% of SMEs rely on overdrafts to meet monthly obligations.
FACT: 20% of SME Directors have been forced to take a pay cut due to lack of cashflow as a result of late payment.
Invoice factoring, also referred to as invoice finance, uses your debtor book to advance monies of up to 90% (balance when invoice settled) within 24hrs.
No longer do you have to spend time and money chasing late payment - 11% of SMEs struggling to chase late payment are forced to employ someone to do it for them – because your factoring provider will chase them for you.
The day to day management of a factoring facility couldn’t be simpler to manage:
There’s even an invoice factoring facility to choose from should you want to only factor selected, ad hoc invoices to cover larger seasonal needs or there’s a confidential facility whereby your customer will not be aware of the involvement of a third party.
FACT: 40% of SMEs say larger businesses are worse at late payment
FACT: 27% of SMEs say they would be in a stronger position to grow if paid on time.
With invoice factoring your SME can grow, expand and thrive because you will be paid on time, every time – within 24hrs in fact!
What’s more, with invoice factoring, SMEs achieve growth of around 12% more than other businesses without a factoring facility.
How many excuses have you heard recently? 50% of SMEs say excuses are rapidly increasing. Well forget those excuses and make them pay! Set up your invoice factoring account today – you can call me directly on 07785 596053 or email me on firstname.lastname@example.org. In most cases I have invoice factoring agreed, set up and fully operational in just a couple of weeks !