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   SMEs suffering from late payments

Survey Underlines Late Payment Challenges for Small Businesses

January 15 2016

A new survey from Zurich, the insurance company, illustrates the challenges small businesses face collecting payment on time from their customers. According to the research:

  • 53% of SMEs in the UK are owed money from late payments

  • 20% of businesses are owed more than 25,000 in late payments

  • 8% are owed more than 100,000

The company estimates that small businesses are owed a total 255 billion in late payments.

Jason Eatock, head of SME at Zurich said “'We have been warned about a 'cocktail of threats' to the economy, and small businesses will need all the capital at their disposal to weather this potential storm.”

Samantha White, CEO of My Credit Controllers commented: “This survey is just the latest in a long line that consistently demonstrate the challenges that businesses face getting invoices paid by customers in a timely way. Just calling for government to step in isn’t going to fix it. It’s time we all saw professional credit control a mission-critical part of a well-run business. Even the smallest companies can access credit control as an outsourced service or escalate individual debts through our online collections service.”

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