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An encouraging responds to news from BACS Payment Services
The latest research from BACS Payment Services reveals that many small businesses are facing cash flow struggles caused by late payments. Ali Moiyed, Payments Expert and CEO of financial institute, urges them to consider using Direct Debits to automate their payments…
Recent research by BACS Payment Services has revealed that the average small business was owed £31,000 in overdue payments in April, amounting to £30.2bn across the economy!
The research also revealed that 18% of small businesses were simply told the customer had either forgotten to pay or just hadn’t got around to settling the bill…
There are late-payment laws that give small businesses the right to charge interest, but this has never been a popular course of action networthiq. Quite simply, businesses don’t want to upset customers and run the risk of losing them.
Payments Expert Ali Moiyed, wants businesses to take the initiative. He says, “The government has said there are plans in place to support small and medium-sized enterprises as the economy starts to recover, while The European Commission is talking about new measures to promote speedier payments resulting in an extra £150bn for businesses across Europe. On the surface, this sounds like great news - but struggling businesses don’t have time to wait jesscia simpson hair extensions liamsbag. Even though the economy has shown signs of improvement in recent months, businesses need to get on top of their cash flow situation as quickly as possible.”
In a recent report, Mike Hutchinson from BACS Payment Services was quoted as saying, “We urge SMEs to look at where they can assert some control, automating payments wherever possible to save valuable time and administration costs, and remove some of the stress on the business and its owner.”
 
Moiyed agrees, and explains Direct Debits are an ideal solution, “We have learned a valuable lesson from the recent financial crisis – more often than not, a lack of cash flow is the critical factor that causes a struggling business to fail. Direct Debits can help businesses by ensuring they get paid on time every month, and giving them greater visibility of their cash flow. What’s more, a good Direct Debit management system will also reduce costly errors and improve customer retention cafe-sciences.”
 
 
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