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

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.

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.

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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. 1 Businesses have said late payments make it hard for them to replenish stock Credit: Alamy More than a fifth of their payments also come in late – putting a strain on precious cashflow. 12 When you arrive at a Greene King pub you may have to queue to enter to ensure pubs don't get overcrowded 12 Once inside you'll notice Perspex screens around the bar, as Sheree Thomas, the general manager of the Fort St George in Cambridge, shows here won’t be able to reopen before July 4 - but they haven’t officially been given the go-ahead yet. Just under one in ten payments are more than a month late, causing chaos for those attempting to balance the books. Express. 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. 12 Partitions have been placed between tables so customers can maintain a safe distance 12 Punters can order food via the app and get it delivered to the table Greene King, which has 1,700 pubs around the UK, is planning to reopen “the majority” of its boozers from this date if it can. “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. You may be able to find the same content in another format, or you may be able to find more information, at their web site.

“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. As expected the tables and chairs in the Fort St George in Cambridge have been rearranged to make sure punters can keep a safe distance. Trending Who is in the cast of The Other One? Marylin - Siobhan Finneran Marylin is one of the main characters in the series and she is a wonderful and whacky character. 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. 12 There will be hand sanitiser stations throughout the pub and in its garden 12 Staff can also choose to wear protective visors to keep safe It feels spacious, even in a quirky pub with low ceilings, and it’s a comfort to know you’re being kept apart from other customers. 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. "She seems to have coped with it extremely well on the surface - people may perceive her as arrogant but she's not arrogant. What help is there for businesses? THERE'S a wide range of support available to companies during the coronavirus crisis. The good news is you can pre-book a table for drinks or food, or both, through the Greene King app or turn up without doing this - but if you don’t pre-book, you’ll likely have to queue outside while you wait for a table.

The government has offered to furlough workers through its Coronavirus Job Retention Scheme .