Getting an invoice paid on time is better than Christmas presents, say UK SMBs
Last editedJan 20201 min read
With the holidays fast approaching, people are looking forward to mince pies and time with family. But research suggests this isn’t the case for many SMBs - 44% admit to missing Christmas plans or arriving late, while over 50% say managing their business has prevented them from getting into the festive spirit.
One of the killers of Christmas joy? Late payments!
Struggling to switch off
Of the 1000 business people we spoke with:
almost 70% felt that December is the worst time of year for late payments, and a main cause of time spent away from family, friends and fun;
60% said that getting paid on time, or even early, is better than receiving presents;
27% expect to 'waste' a day over Christmas chasing payments and managing payment issues;
1 in 10 feel stressed out about carrying invoices over into the New Year.
Given back this lost time and cash, respondents would spend more time with their families (33%). We reckon that's a pretty good incentive.
So what's the answer to SMBs taking control of their cash flow and enjoying their Christmas? Automating payments with Direct Debit is one way. Here's how Lowaire Digital, a web development and marketing agency, saved 40 hours a month using GoCardless. Happy Christmas to them!
Read Lowaire Digital’s story here.