Late payments are all too common in the UK. Basware partnered with YouGov, a leading UK market research and data analytics firm, to investigate the true extent of the impact of the late payment culture upon small to medium enterprises (SMEs).
The survey revealed that the late payments culture is holding the UK economy back and that simple fixes could make a profound change to the UK’s competitiveness.
Here are just a few of the findings:
There is overwhelming support for legislation to fix the problem.
Smartly incentivising the take-up of new technology would bring UK businesses up to the standards of European counterparts and would be a critical step.
A move to bring big business and SMEs together to think the issue through would help tackle the root causes of the issue.
Read the key takeaways from the report featuring easy-to-digest graphs and charts.