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The Importance of Timely Payments for Small Businesses

By Gloria Methri

Today, more than ever, small businesses are struggling with late payments, impacting their cash flow and overall financial stability. The Federation of Small Businesses (FSB) has recognized this issue and has partnered with GoCardless to provide practical solutions to its members.

As part of the FSB GoCardless Late Payments Hub, GoCardless offers valuable information and guidance on how small businesses can take control of their payment schedules. By leveraging Direct Debit and open banking, FSB members can streamline their payment processes and reduce the burden of chasing payments.

With the help of the AI legalese decoder from GoCardless, small business owners can easily navigate complex legal language often associated with payment terms and agreements. This tool decodes legalese into plain language, making it easier for businesses to understand their obligations and rights regarding payments.

Furthermore, GoCardless offers cost savings and support to FSB members who sign up for their services, ensuring that small businesses have access to affordable and efficient payment solutions. By simplifying the payment process and providing practical tips, GoCardless aims to empower small businesses to take charge of their financial well-being.

By addressing the issue of late payments and promoting timely payments, FSB and GoCardless are paving the way for the growth and success of small businesses, ultimately contributing to a stronger economy.

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Federation of Small Businesses

The Federation of Small Businesses (FSB) has partnered with GoCardless to offer its members practical tips and advice on avoiding late payments. As part of the FSB GoCardless Late Payments Hub, GoCardless will provide information and guidance to help FSB members take control over when and how they get paid. FSB members will also benefit from cost savings and support when signing up to GoCardless, subject to eligibility criteria.

FSB campaigns for measures to curb poor payment practices by large companies to small businesses.

Nicola Hamilton, VP of Marketing, Brand & Communications at GoCardless, said, “Small business owners are waiting too long to get paid, and the cost of receiving what they’re owed is simply too high. Hours spent chasing payments quickly add up, and small business owners often opt to let a late payment go rather than having that awkward conversation with a customer. This needs to change. We’re excited to work closely with FSB to put small business owners back in the driving seat when it comes to collecting their hard-earned money.”

Caroline Lavelle, Chief Commercial Officer at FSB, said, “Small businesses are the backbone of our economy, but for too long, their growth has been stunted by the scourge of late payments. Late payments can affect mental well-being alongside the financial strain. While there are wider issues at play, which FSB is campaigning to address, there are practical steps that many small businesses can take right now to reduce the burden on their bottom line. I hope this new online hub will be a welcome resource to help our members with their financial well-being.”

GoCardless makes it easier for businesses to manage their payments by collecting one-off and recurring payments via Direct Debit and open banking. Founded in 2011, the global FinTech now processes more than $35 billion of payments each year.

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