Many micro and small businesses suffer as a result of high transaction fees, delayed or late payments, complex financial admin tasks and cash-flow disruption. According to research from the Federation of Small Businesses1, 30% of all payments to SMEs are late, at an average value of £6,142. Cognisant of the urgency around late payments the UK government recently announced an overhaul of the Prompt Payment Code (PPC), cutting the payment term in half to within 30 days. Further, McKinsey2 estimate that around 74% of an SME’s time is spent on ‘non-core activities’, including time-consuming administrative tasks.
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