FACT: £16bn is outstanding to SMEs in overdue invoices
We’ve reported on this before, however, sadly, yet again, there are more damming reports over late payment and its effect on SMEs.
A recent survey revealed some shocking results when questioning SMEs over their views on chasing late payment.
43% of larger SMEs were victims of late payment
50% of smaller SMEs fall foul of late payers
77% fear chasing payment damages the client relationship
76% fear that chasing could damage their chance of actually even being paid at all
FACT: Late payment is damaging to SMEs.
What’s more, it has a detrimental effect on the economy. You SMEs are the backbone of the British economy – by next year it’s estimated that you’ll contribute £217billion!
So has your business considered Invoice Finance (IF)? It’s the easiest solution to relieve the threat of late payment, freeing up your cashflow and working capital. What’s more, it has a built in credit control facility so you don’t even have to chase your customers.
It’s easy to use, and through us we’ll have your facility set up and operational in less than two weeks!
It couldn't be easier...
Issue your invoice as usual, with a copy to your IF provider.
Your IF provider pays you up to 90% of the invoice value within 24hrs.
The IF provider chases payment when each invoice is due.
When your customer has settled you are paid the balance.
FACT: Invoice Finance is a cost effect way to create financial stability and maximise growth.
The ‘Prompt Payment Code’ Government Initative
The Government plans to tackle this problem by creating the Prompt Payment Code – it’s goal is to have large businesses settling their invoices within 30 days.
Small Business Commissioner, Paul Uppal, insists that the Government is “building an environment were SMEs can continue to prosper.”
However, this initiative has been criticised by SMEs and trade bodies because companies aren’t being forced to sign up to the Code - it’s not compulsory.
Here at Capital Corporate Finance we are leading independent brokers; and experts in invoice finance – the UK’s most popular form of alternative finance.
With over 44,000 companies using invoice finance to manage their cashflow and regain control over late paying customers isn’t it time you considered it?
Call me direct on 07785 596053 or email my team at firstname.lastname@example.org