Trend Report - Late Payments and Payment Methods In Small Businesses
GoCardless commissioned the Federation of Small Businesses to survey 2,298 UK small businesses. Our new insights explore the wider issues caused by late payments and how businesses are currently navigating them.
The impact of how you collect payments
60% of businesses believe late payments are holding them back from reaching their full potential. When we asked respondents how they currently collect payments, the top three answers were manual transfers, credit and debit cards.
But - are businesses willing to change their payment methods for the good of their bottom line?
The true cost of late payments
Nearly two-thirds of small businesses estimate they spend around £100 every week on managing late payments. This is in part down to the admin and resources required to chase payments, with over a third (34%) spending up to four hours a week on writing letters or making phone calls to customers asking for payment.
It’s time to take back control
Only 6% of small businesses feel totally in control of their late payments and how they manage them. However, there is a significant difference in how the majority of businesses manage different customer types and the tactics they’re willing to try to mitigate their late payment pains.
Uncover the full story
In the trend report you can expect insights on:
How small businesses in the UK are managing their late payments
The domino effect of late payments
The connection between how businesses collect payments and the issues they face
Download the report for free now.
