Research by Time Finance found that less than one in three businesses are paid by their customers within the agreed 30 days terms, with an astonishing 70% waiting more than 60, 90 or 120 days. At the most extreme, the Federation of Small Business estimate that over 50,000 businesses close each year due to late payments.
There’s some good tips here from the Small Business Commissioner on ways to chase invoices. It can be time consuming, which many business owners do not have.
Another solution is to factor the invoices. You sell the invoices and recieve a percentage of the invoice value in return, meaning your cash flow is not stunted due to late payments from your customer. An Invoice Finance facility from Regency Factors unlocks working capital, giving business owners financial freedom to grow their businesses.
To discuss the funding options available to your business. Please do not hesitate to contact us on 0161 280 4220 or lynnew@regencyfactors.com
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