At Close Brothers Invoice Finance, we frequently hear from new customers who are troubled by late payments.
According to the Close Brothers Business Barometer*, 40% of UK SMEs are impacted by late payments while 51% spend over 10 hours every month chasing unpaid invoices.
Research by BACS has revealed that 2,500 companies become insolvent each year due to not receiving payment for their invoices on time. Sadly, this is not surprising considering 44% of SME owners are owed more than £20,000, according to our survey.
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