New research published on 20th January 2020 has found that late payments are impacting on the mental health of SME business owners.
This latest research was conducted by Pay.UK who run Bacs Direct Credit and Direct Debit payment services.
So what did the research find?
- 26% of SME business owners stress about late payments when they are not at work
- 16% worry about late payments every day
- 66% reported that late payments make running a business less enjoyable
- 1 in 10 business owners have considered seeking professional support for anxieties about late payments
- 24% have cut their own salaries to keep cash in their business
- 12% admitted to difficulties paying their staff
- 13% are struggling to pay their business bills
- 35% are relying on their overdrafts
CEO of Pay.UK, Paul Horlock, commented:
‘Over the years, the late payment research has become an established barometer of SME financial health, and has offered an invaluable insight into the challenges faced by SMEs. For the first time this year, the research has also looked at the human, as well as the business cost of late payments, and we hope that this can contribute to the wider debate regarding this important area.’
Commenting on the latest research, Sean Husband, Director of My Debt Recovery said:
“Late payments are extremely stressful for any business owner. Not receiving payments on time can lead to serious cash flow issues and the closure of businesses. Here at My Debt Recovery, we pride ourselves on taking that stress element away from business owners so they can focus on what is important, running their business.”