For 70% of SMEs, late payments are a recurring issue leading to more severe consequences with over 40% worrying about their own cashflow as a result. Recent figures from the Federation of Small Businesses estimate that 50,000 businesses close each year due to late payments.
As a result of customers not paying their invoices on time, almost one in three businesses also fear their relationships with customers are negatively affected due to chasing payments, whilst over one third struggle to pay their own invoices or their own employees on time.
At Zume Finance, we have seen a significant rise over the summer in businesses looking to access some form of cashflow finance solution to help smooth the transition from the pandemic into a thriving business once again.
Contact Us if you want to discuss the various options available.