Fintech PR
SMALL BUSINESSES ARE OWED £27K IN LATE PAYMENTS ON AVERAGE, ACCORDING TO INTUIT RESEARCH
- Late payments are a growing problem; 52% of small and medium sized businesses (SMBs) have been more affected in the past year
- Two in five (41%) at risk of closing their business if late payments persist
- Late payments prevent business success and impact owners personally, with 28% of those affected citing poor mental health as a result
- But those using financial management software see number of overdue payments reduced (25%) and improved cashflow (21%)
LONDON, Sept. 13, 2023 /PRNewswire/ — Small and medium sized businesses (SMBs) are currently owed an average of £27,214 in late payments1, according to new research from Intuit QuickBooks, as SMBs estimate one in six invoices (17%) with customers or suppliers are overdue.
And the problem is growing – more than half (52%) of SMBs agree they have been more affected by late payments in the last year. Frustratingly, the most common reason an invoice goes unpaid is because it was simply forgotten (23%) – although the supplier experiencing their own cash flow issues and not being able to pay comes in a close second (20%).
Late payments impact business owners’ wellbeing and finances
The impact of late payments on business success is so significant that two in five small business owners (41%) say there is a real risk of their business being forced to close in the next year if the same level of late payments continue. This proportion rises significantly to 53% of SMBs in London and 57% in Scotland.
For business owners, this can have a personal impact. Amongst those who have been impacted personally2, 35% have been forced to dip into personal savings to keep the business afloat, while 31% have been unable to save at all. Worryingly, more than a quarter (28%) have experienced poor mental health.
Late payments also damage SMBs’ future chances of business success. Amongst those impacted3, late payments have resulted in SMBs being unable to reinvest in the business (26%) or achieve their business objectives (20%). There is also a knock-on effect as 26% have not been able to pay an invoice to another small business (26%) or pay their own suppliers (25%).
At an administrative level, late payments waste time – in a typical week, SMBs spend an average of four hours chasing late payments, adding up to more than 8.5 days per year.
Helen Matthews, Founder of independent paddleboarding business, SUP With Us, comments: “Cash flow is critical to me as a small, independent business, and I rely hugely on payments coming in on time. Being paid late for my services can really throw my budgeting plans into disarray, and a bad season can even impact my ability to pay my bills and rent on time. The weather-dependent nature of my business means that in a typical English summer of wind and rain my income can fluctuate, and having to chase down late payments adds to the stress of worrying about the weather and keeping my business going.
Financial management software removes barriers to faster payments
With SMBs feeling annoyed (30%), uncomfortable (23%) and at risk of damaging client relationships (22%) when chasing late payments, solutions that automate this process – and help prevent overdue payments in the first place – can be extremely valuable.
Three in five (60%) SMBs say they are not currently using financial management software for pay-enabled invoicing in their business (i.e. software that makes it simple for customers to pay faster).
But for those who do, a quarter (25%) have successfully reduced the number of outstanding invoices on their books, leading to stronger cashflow (21%) – while a fifth (21%) have improved relationships with customers due to not having to chase invoices manually.
Helen Matthews adds: “It’s surprising to me that so few SMBs are using software to help combat the issue of late payments. I use QuickBooks as my financial management software, which puts the information for late payments all in one place and allows me to stay on top of what I’m owed. It even automates chasing them for me, which is always the most awkward part!”
Nick Williams, UK Product Director at Intuit QuickBooks comments: “Late payments continue to be a significant barrier to small business success. Clients simply forgetting to pay on time is not acceptable when the impact can be so severe. There is also a clear knock-on effect when SMBs are not paid within their terms, with many then unable to pay other suppliers – creating a chain of cashflow problems that adds up to a big hit to our economy.
“Fortunately, the research demonstrates there are proven benefits to financial management software when it comes to invoices. Not only does pay-enabled invoicing make it easier for clients to pay with the click of a button, but the software also generates automatic reminders, removing the frustration and wasted time experienced by many SMB owners. Accountants are also valuable partners when it comes to spotting late payments trends and mitigating the impact on cashflow. With cash being king, this makes it not only easier for SMBs to run their business, but to succeed.”
NOTES TO EDITORS
Research conducted by YouGov amongst 2,008 owners and senior decision makers at small and medium-sized businesses (up to 249 employees), between 2nd – 16th August 2023.
1 Late payments are defined as invoices owned that have not been paid within the agreed payment terms
2 Amongst the 28% of respondents who agree late payments have had an impact on their personal life
3 Amongst the 42% of respondents who say late payments have had an impact on their business in some way
About Intuit
Intuit is the global technology platform that helps consumers and small businesses overcome their most important financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.
Intuit Limited registered in England (Company No.: 2679414) Registered address and principal place of business: 5th Floor Cardinal Place, 80 Victoria Street, London, SW1E 5JL England.
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Fintech PR
Empowering Businesses of All Sizes: MyGuava Business Offers a New Standard in Financial Solutions
LONDON, Jan. 15, 2025 /PRNewswire/ — In today’s fast-growing world, businesses need more than traditional banking services – they require innovative financial tools tailored to their specific needs. MyGuava Business is focused on meeting these demands, offering a ground-breaking platform that caters to businesses of all sizes.
Tailored Solutions for Every Business Size
One of the defining features of MyGuava Business is its bespoke quality. The platform is designed to support businesses of every size and industry, offering flexibility that ensures no one is left behind. Start-ups and small businesses benefit from straightforward, easy-to-use tools that promote growth without unnecessary complexity.
Transparent and Competitive Pricing
At a time when hidden fees and unclear pricing structures are all too common, MyGuava Business stands apart with its transparent and competitive rates. Businesses can plan their budgets confidently, knowing there won’t be any unexpected costs. For small businesses, this affordability is an essential requirement.
Seamless Onboarding and User Experience
The platform’s user-friendly interface makes navigation intuitive, ensuring that even those without extensive technical expertise can get started quickly. Clear dashboards, always accessible customer support and step-by-step guidance make MyGuava Business a platform that any business can adopt with ease.
Comprehensive Product Offerings: Covering Every Aspect of the Financial Sector
MyGuava Business goes beyond traditional financial management by offering a diverse range of services that cover all payment needs, whether the business transacts in person or online. From business accounts simplifying cross-border payments to payment terminals, e-commerce solutions, cards, payment links and invoice creation, the platform provides businesses with versatile tools to seamlessly manage transactions.
Built In-House with Customer Needs in Mind
What truly sets MyGuava Business apart is that it is a comprehensive end-to-end payments solution provider – a direct result of its in-house development. Unlike many platforms that rely on third-party tools, every feature of MyGuava Business is purpose-built to meet the unique needs of its users.
A Vision for the Future of Business Finance
MyGuava Business is more than just a financial platform – it’s a partner in growth. By combining affordability, adaptability, and a customer-centric design, it offers businesses the tools they need to succeed in a rapidly changing world.
In a world where adaptability and efficiency are crucial, MyGuava Business is the financial partner every business deserves. Discover more at myguava.com/business.
Contact:
Nikki Suleymanova
[email protected]
07443322377
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Fintech PR
Transform Your Money Management: MyGuava App Now Makes Personal Finance Simpler Than Ever
LONDON, Jan. 15, 2025 /PRNewswire/ — Managing finances while travelling or navigating everyday life can often feel overwhelming. MyGuava is designed to change that. It’s a universal financial tool that blends convenience, transparency, and flexibility to meet the needs of global citizens, whether you’re on an international adventure or handling daily expenses. With a multi-currency account, seamless international transfers, personalised virtual cards and analytics tools, MyGuava provides the ultimate solution to simplify financial management.
A standout feature is its multi-currency account, which supports over 20 currencies. Whether paying for a coffee in Paris, a taxi in Tokyo or shopping in New York, users can rely on MyGuava to handle currency exchanges automatically and cost-effectively. With competitive withdrawal rates, accessing cash abroad is straightforward and affordable, providing peace of mind and the ability to pay like a local no matter where you are.
Sending and Receiving Funds – Home and Away
But MyGuava isn’t just about travel – it’s equally valuable for sending and receiving funds, both locally and internationally. Transferring money to foreign countries is often expensive and time-consuming, but MyGuava eliminates these challenges. With zero transfer fees and near-instant processing, the app makes it easy to send funds to family or friends without delays or extra costs.
Make Payments in Style
Customisation is another key aspect of MyGuava. Its virtual card feature lets users design cards that reflect their personality, brand or identity. This level of personalisation is not just about aesthetics – it’s about creating financial tools that are truly tailored to individual needs.
Additional Features and Benefits
For those who often share expenses, MyGuava’s bill-splitting feature is an innovative solution. Organising group dinners, trips or shared purchases can be complicated, but the app streamlines the process, ensuring transparency and fairness. This feature takes the stress out of managing shared finances.
MyGuava also empowers users to take control of their finances through real-time analytics and detailed spending insights. The app turns everyday transactions into opportunities with unlimited cashback rewards, offering ongoing value for users and allowing them to enjoy uncapped benefits.
Financial Management Made Easy
On its own, MyGuava is a financial companion that can be adapted to suit your lifestyle. MyGuava brings practicality and ease to every transaction and its user-friendly features ensure you stay in control. With MyGuava, financial management is no longer a problem – it’s a seamless part of your journey, wherever it takes you.
Contact:
Nikki Suleymanova
[email protected]
07443322377
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Fintech PR
Network People Services Technologies Applauded by Frost & Sullivan for Providing Cutting-edge Digital Payment Technology and for Its Market-leading Position
NPST’s innovative technology underscores its commitment to advancing digital payment adoption to meet diverse user needs, and its strategic adaptability establishes it as a pivotal player in India’s financial ecosystem.
SAN ANTONIO, Jan. 15, 2025 /PRNewswire/ — Frost & Sullivan recently researched the payment technology industry and, based on its findings, recognizes Network People Services Technologies Ltd. (NPST) with the 2024 Indian Company of the Year Award.
Its core mission is to provide cutting-edge digital technology to all entities in the financial value chain, ensuring robust support at every stage of the payment process. The company provides banking solutions and payment processing infrastructure that interconnect financial entities within the broader banking and fintech sectors.
Listed on the National Stock Exchange (NSE) SME platform, NPST has significantly shaped India’s digital payments landscape. Its solutions span digital banking, payment switching and processing, merchant acquiring, and RegTech offerings, catering to banks, payment aggregators, merchants, and TPAPs.
With a forward-looking vision encapsulated in its NPST 2.0 strategy—Innovate, Transform, and Grow—the company is driving technological advancements in areas like fraud detection, real-time lending, and embedded payments, enabling transactions through ERP and smart devices such as vehicles, smartwatches, and meters.
NPST is making significant investments in artificial intelligence (AI) and machine learning (ML) to enhance its payment solutions. NPST’s Risk Intelligence Decisioning Platform, a cutting-edge AI-driven operations engine, is supported by a comprehensive data lake that consolidates transaction data. This advanced system allows for the real-time identification of high-risk transactions and merchants. It includes tools designed to enhance compliance and mitigate fraud, such as a merchant trust score, a customer transaction score, and chargeback fraud prevention.
Additionally, the company’s flagship EVOK 3.0 Payments Platform as a Service provides a comprehensive solution for aggregators, gateway providers, and merchants. Covering the entire payment life cycle—from transaction processing to risk management—EVOK 3.0 integrates AI and ML to offer advanced capabilities like multi-bank intelligent routing and predictive fraud intelligence, ensuring efficient management of high transaction volumes.
Other groundbreaking innovations include:
- PayJoy: Seamless access to real-time UPI credit in a country with low credit card penetration.
- Bill Direct: Bill Aggregation engine for deeper penetration in payment collections.
- TimePay Cash: Enabling cash withdrawals using QR codes at local stores.
- UPI Circle: Expanded digital payment access through shared accounts.
- Contextual Payments: Enhanced customer checkout experience.
- UPI Lite Auto-Top Up: Automatically replenishing UPI Lite accounts, ensuring users have sufficient transaction funds.
Rahul Agarwal, Associate director for growth advisory at Frost & Sullivan, observed, “NPST’s achievements, including pioneering online merchant dispute resolution in India and expanding its platform to offer value-added services like AI-powered fraud detection and real-time lending, set it apart in the industry. Its diversification into non-banking financial companies and third-party application providers highlights a well-rounded growth strategy.
NPST consistently prioritizes customer experience, fostering long-term relationships and demonstrating its commitment to client satisfaction and growth. The company’s focus on exceptional service is reflected in the loyalty of some of its clients, with critical partnerships spanning over a decade.
The company is also working to improve payment acceptance infrastructure via access to affordable devices, (QR and SoundBoxes) while integrating AI and ML capabilities to enhance, efficiency, and scalability. These investments support growing transaction volumes and help NPST maintain its competitive edge in facilitating wider digital payment adoption. The company’s emphasis on client relationships, digital literacy, and social responsibility underscores its role as a payment technology leader and its commitment to broader economic and social contributions.
The company’s financial performance reflects strong growth, with revenues increasing from INR 41 crore in fiscal year (FY) 2023 to INR 130 crore in FY 2024, and EBITDA rising from INR 12 crore to INR 43 crore during the same period. NPST’s strategic adaptability establishes it as a pivotal player in India’s financial ecosystem, drives economic growth, and promotes financial inclusion across the country.
“NPST’s advances towards international expansion and transitions to the National Stock Exchange of India main board with emphasis on transparency, governance, and continual innovation, cementing its position as a leader in the global payment technology industry. The company’s exceptional performance, forward-thinking strategies, and commitment to customers and societal impact make it a deserving recipient in India’s payment technology sector,” added Norazah Bachok, best practices research analyst at Frost & Sullivan. With its strong overall performance, NPST earns Frost & Sullivan’s 2024 India Company of the Year Award in the payment technology industry.”
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, megatrends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.
Contact: Tarini Singh
E: [email protected]
About NPST
Founded in 2013, NPST is a PayTech firm listed on the NSE Small and Medium Exchange. A leader in digital banking and payment processing solutions, NPST is dedicated to advancing the digital payments ecosystem by delivering cutting-edge technology solutions to banks, fintechs, and other industry players. The company’s offerings include online and offline transaction processing, banking super apps, fraud prevention, dispute management, and compliance technology.
NPST’s mission is to drive the growth of businesses, individuals, communities, and economies. With over 100 clients and processing more than 60 million transactions daily, NPST continues to make a significant impact on the digital payments ecosystem. To learn more about NPST and its award-winning solutions, please visit www.npstx.com
Contact: Vanita D’souza
E: [email protected]
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