“Our research data shows SMBs are owed an average of £27,214 in late payments, with one in six invoices with customers or suppliers overdue.
“This is having a serious impact on business owners’ wellbeing and finances. Ramifications can include business closure, dipping into personal savings as well as personal knock-on effects such as poor mental health.
“We hope our partnership with Good Business Pays helps to bring the issue of unfair slow and late payments for SMBs to the top of the national agenda. Business owners deserve to be paid on time, so they in turn can pay their own suppliers, which in turn fosters a much healthier cashflow environment for the entire supply chain.”