According to the The Department for Business, Energy and Industrial Strategy, £23.4bn worth of late invoices are currently owed to small firms across Britain, a situation which has forced the body to consider new measures and legislation to clamp down on late payers.
The volume of late invoices has creeped up during 2020, not surprisingly due to COVID-19.
Small business minister, Paul Scully, said: “Late payments are a terrible burden for small businesses, not only disrupting their cash flow but posing a threat to their survival in many cases. We are committed to supporting small businesses at this critical time for the British economy by helping them to secure payment on time.”
Late invoice payment can be detrimental to small and medium sized businesses, even more so during economic crisis. Which is why so many suppliers look to leasing, as a way of boosting cash-flow and shifting the payment liability to larger, better resourced banks and lending institutions.
Over 750 technology and equipment suppliers call upon Lease Group every day not only to offer affordable payment options to their customers. With full upfront payment on the same-day of invoice and absolutely no responsibility for the customer’s repayment (and no claw-backs), it’s no wonder so many suppliers choose leasing as their preferred way to transact.
Speak with your Lease Group Account Manager today about scaling up your leasing provision. A simple call or portal demo may transform your cash-position and change the way you collect payment, for good.