One in five businesses unaware of costly fees to process payments

One in five businesses unaware of costly fees to process payments

6/12/2020 8:02:00 PM

One in five businesses unaware of costly fees to process payments

A SHOCKING one in five small business owners are unaware of how much money they lose each time they are paid for work. A study of 250 small business owners found four in ten use a payment company t…

13:10A SHOCKING one in five small business owners are unaware of how much money they lose each time they are paid for work.A study of 250 small business owners found four in ten use a payment company to bill clients and customers, but many don’t realise how big a fee is taken from each transaction, resulting in them losing money.

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1Businesses have said late payments make it hard for them to replenish stockCredit: AlamyMore than a fifth of their payments also come in late – putting a strain on precious cashflow.Just under one in ten payments are more than a month late, causing chaos for those attempting to balance the books.

Craig Tillotson, chief executive and co-founder of payments service Ordo, which commissioned the research, said: “It can seem like the easiest thing in the world to let someone else manage the money side of things.“After all, most small businesses were set up with people who had a great idea for a product, or a particular passion – not by people who love financial wrangling.

“In these difficult times you wouldn’t just buy fuel for your van at the first petrol station you come across, or buy your stock without shopping around, so why would you hand over more of your hard-earned profit to your payments provider than you have to?”

The study also found businesses with ten or more employees are most likely to experience late payments, with bosses estimating 42 per cent of the payments they receive are late.Three in ten owners say their business has been impacted at the bottom line – with 13 per cent having to take time away from the standard business and delaying projects in order to chase payments.

Another one in ten say late payments mean they are unable to replenish stock or equipment.Delays in payment can also mean some businesses are unable to pay their suppliers (8 per cent), pay wages or building rent (6 per cent) on time.What help is there for businesses?

THERE'S a wide range of support available to companies during the coronavirus crisis.The government has offered to furlough workers through its Read more: The Sun »

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