How to Fix the $360 Billion Small Business Late Payments Problem
November 10, 2021
Fixing Small Business Payments: How Instant Payments Help Buyers Solve The Ad Hoc Payments Problem
Thirty-eight percent of small businesses’ revenues are from suppliers they don’t have regular relationships with — 30 percent of those payments are late, 60 percent by a month or more. In Fixing Small Business Payments, an Ingo Money and PYMNTS collaboration, surveyed 1,573 U.S. small businesses to examine the cause and the cure of this $360 billion small business late payments problem.
Inside the November Report
- 47 percent: Portion of SMBs that receive ad hoc vendor payments no earlier than when they are due
- 75 percent: Share of SMBs that are highly interested in maintaining relationships with buyers that offer free instant payments
- 68 percent: Portion of SMBs that have used instant payments and would pay extra to receive ad hoc vendor payments instantly
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