Recent research shows that British SMEs are being forced out of business due to late payments. Overdue payments continue to be an on-going issue for small and medium sized businesses, with cashflow often at crisis point. According to statistics the average waiting time for an invoice to be paid can be as high as 38 days - that's almost eight working weeks to be out of pocket! Often it is larger companies causing problems, with 44% of late payments belonging to bigger businesses. With that in mind businesses need to find a long term solution to resolve the on-going issues which could damage their business.
Direct Debits are often applauded as the answer, allowing businesses to enjoy a number of benefits. The main highlight being improved cash-flow, saving business owners from a number of day to day worries and stresses. First Capital Cashflow has created this infographic, hoping to educate businesses. Direct Debits represent a simple change which can transform the prospects of a struggling business.
Infographic by: firstcapitalcashflow