Almost Half of All UK Small Businesses are ‘Frustrated’ by Delayed Payments
95% of small firms believe that real time payments would be beneficial to their business
Almost half (48%) of UK small businesses are frustrated with delayed payments reaching their business bank accounts, according to a report by YouGov and ACI Worldwide.
The online survey of 100 small businesses found that delayed payments have a negative impact on small enterprises with 33% of respondents admitting late payments affect their ability to meet financial obligations on time.
17% of those surveyed feel late payments causes them to lose track of staff up-keep such as salaries, expenses and recruitment, with a further 10% admitting delayed payments prevent them from buying equipment and investing in research and development.
When asked about possible solutions, 95% said they believed real time payments would be beneficial to their business, while 29% highlighted faster payments as the most crucial banking service to small businesses.
Barry Kislingbury, director, solution consulting, immediate payments at ACI Worldwide, said:
“For small businesses, delayed and unpredictable cash flow can significantly affect their success. Our research presents a great opportunity for banks working with these businesses to demonstrate the value of their real-time payments offering.
“This will not only help them grow in the medium-term, but will also strengthen the overall economy in the future.”
Struggling due to late payments? Learn how to charge interest on them here.