Summer holidays might be a long awaited time for UK employees but business owners are often forced to take care of their late payments rather than enjoy a few days on the beach.
If you’re running a small business or a startup you’re surely in need of a vacation. However, many business leaders spend a good few days during the summer sorting out late payment instead of taking time off.
New research by GoCardless, an online payments company, revealed that one in five SME owners spend up to three days chasing late payments during the summer and one in ten leaders take nine days doing so. As a consequence, 57% of SME owners end up ditching their holiday plans because of unpaid invoices. Moreover, 61% still stress about pending payments while being on vacation.
Commenting on the findings, Josh Sasto, head of partnerships at GoCardless, shared:
“SMEs are the lifeblood of the UK economy and it’s not right for them to be denying themselves valuable time to recharge their batteries just to chase late payments. On time payment is a right, not a privilege.”
Clearly, late payments are a major headache to small-business owners. Not only they are taking valuable time from other tasks needed to scale but they’re also keeping them from catching some rays of sun on a beach. A travesty.