American businesses are owed an average of $300,000 in late payments, and 89% of SMBs believe these late payments are preventing their business growth (QuickBooks).
While the average payment window for small businesses in the U.S is 30-day, research shows that small businesses are regularly waiting as much as 50 days to get paid (PYMNTS).
These late payments cause a whole host of issues such as difficulty forecasting, cash flow strains, stifling business growth, and hours spent following up on overdue payments.
It's time for that to change.
Companies in North America are facing a late payment epidemic. The problem is only getting worse, with businesses waiting longer and longer to get paid for the goods and services they provide with 47% reporting worse late payments since COVID-19 (Businesswire).
Businesses are also spending valuable employee hours every month chasing late payers, with the majority of businesses wasting 14 hours every week following up on payments (QuickBooks).
These late payments and their knock-on effects on productivity and cash flow can have devastating impacts on businesses.
Join this webinar for 20-minutes of practical advice and tips on how to get your invoices paid faster and reduce late payments.