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SME: The price of late payments

Published on 27th January 2017 - Last update on 19th November 2019

Business is all about the exchange of either goods or services for a price. However, there are many businesses suffering from the effects caused by customers making late payments. For business owners this can be extremely frustrating and worrying. If you’ve exchanged goods or services with a customer then, until they’ve paid up in full, it is essentially money out of your pocket. Ultimately, this can cause any number of issues for business owners, especially if it’s more than one customer.

From retail, beauty to even vets, this is an issue that affects as many as 30% of UK SME businesses, with the average cost in question being in the region of £6,000. For any business, big or small, this is not a sum they can afford to let slip from their accounts. As a result, this has the potential to scupper any growth plans or even make future sustainability unfeasible. However, if your business is suffering from the effects of late payments, help is at hand.

At Rangewell, we can help source the perfect finance solution that’ll help ensure your business’s sustainability. With our services, your business can gain access to a great variety of finance solutions, including Invoice Finance.

Suffering from late payments in your business? Take a look at how Invoice Finance could help or apply today

Invoice Finance

A highly specialised finance solution designed to aid businesses with this very issue, this form of finance allows you to gain access to the cash sealed away in any of your unpaid invoices. By utilising this product, your business can secure up to 90% of the overall value of an invoice. The lump sum you could acquire can then be used to support and carry your business whilst you wait for the client to pay up in full. Once you’ve received payment, or an agreed period has passed, you’ll then be required to commence monthly repayments.

Our values are simple – We’re on your side

At Rangewell, our services are clear and transparent. We support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.

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David Harrison

David Harrison

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