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what to do about late payments for UK SMEs

Average UK SME is Owed £64k in Overdue Payments

January 25 2018

New research published by credit research specialists Dun & Bradstreet, shows the scale of the problem of late payment faced by small and medium sized enterprises (SMEs) in the UK. Dun & Bradstreet surveyed the managers of 500 businesses that varied in size from two to two hundred and fifty employees. The average amount outstanding in late payments was 63,881, with 11% of those questioned having more than 100k beyond terms.

Of the businesses questioned:

  • 51% felt that late payments were a greater problem now than three years ago
  • 58% claimed that late payments put them at risk of failure
  • 58% of SME owners use personal savings to cover the shortfall from late payments
  • 29% had delayed payment to suppliers as a result of late payment from customers
  • 24% said that late payment had reduced profits

Samantha White, CEO of My Credit Controllers commented:

"Yet another survey finds that many smaller businesses in the UK struggle to get paid by customers. Credit control is more important than ever to avoid the damaging effects of late payment. Fortunately, business can now access credit control services on an outsourced basis, bringing this specialist business function within reach for companies of any size."

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