Maintaining a smooth cash flow is essential to the success of any business. Late payments from customers, however, can lead to serious cash flow problems. It makes it tough for small businesses to meet payroll, pay rent or buy supplies.
We recently analyzed the 20 million invoices in the Fundbox system and found some surprising facts about who gets paid when, and just how widespread the problem really is.
Here are some key findings of our analysis:
- 64% of small businesses are affected by late payments. {Tweet this}
- Large corporations such as Walmart and McDonalds take the longest to pay SMBs. {Tweet this}
- Industries most affected by late payments include Cleaning Services, Accounting & Bookkeeping, Web Design, Landscaping Services and Construction. {Tweet this}
