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Invoice finance can end late payment woes

Non-bank finance is revolutionising SME finance, and invoice finance is proving a new weapon for small businesses in the fight against late payment.

Late payment is back in the news thanks to revealing new research from Satago. While it comes as little surprise to hear that SMEs in the UK are owed billions in late payments, it is more unexpected to learn that nearly a third of these companies are reluctant to chase this debt.

The two main reasons given for this reluctance are that SMEs find the process uncomfortable and that they are afraid of damaging their business relationships. Furthermore, those that do chase bad debts rarely resort to any kind of legal process, which is perfectly understandable.

However, there is a way to avoid the bad debts and the associated stress involving in managing them – both in chasing them up and in dealing with the impact on cashflow. That way is invoice finance. Using this transparent, flexible and affordable non-bank finance service helps avoid late payment without endangering business relationships.

So, is invoice finance the key to unlocking millions in cash for SMEs? Well, it can certainly help to significantly reduce the amount of bad debt that small businesses have to cope with. And with more capital available to these companies, the result is a greater capacity for investment and growth.

Late payment is a long-standing bête noire for small businesses, and while there are initiatives to tackle it and key business advisers have shown an awareness of it, SMEs themselves are equally responsible for tackling the problem. Invoice finance is one way they can help themselves out.

To find out more about A&T Business Associates services, contact us on 01903 602211 or info@atbusinessassociates.co.uk.

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