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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SINGAPORE, Jan. 15, 2025 /PRNewswire/ — Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced that Wanshi Lin has been appointed as the Head of Singapore, effective immediately.
In this newly created position, Lin will oversee the company’s underwriting team in Singapore and spearhead business planning and market engagement on the company’s Lloyd’s Singapore platform. The establishment of a new leadership role in Singapore is demonstrative of Markel’s ongoing commitment to expanding its Asia Pacific operations and underwriting capabilities.
Lin will report to Christian Stobbs, Managing Director – Asia Pacific, in her new capacity.
Stobbs commented: “I’m thrilled about the energy and innovative ideas Wanshi will bring to this pivotal role. Singapore is our largest marketplace in the region for specialty products, and I’m confident that, under her leadership, we’ll further enhance our relationships with brokers and clients while building on the strong momentum achieved in recent years.”
Kevin Leung, Chief Underwriting Officer – Asia Pacific, adds: “It’s a delight to see Wanshi progress to take on this role. Her extensive experience, strategic insight and understanding of the Singapore market will be instrumental in strengthening our commitment to providing underwriting excellence to this important regional hub.”
Lin joined Markel in 2018 as an Assistant Underwriter – Marine, and since 2023 has been Senior Underwriter – Marine. Prior to Markel, Lin was Assistant Vice President at Marsh Singapore.
About Markel
We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, our portfolio protection and program services operations, and Nephila, our insurance-linked securities operations. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
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Fintech PR
FinVolution’s SVP Ming Gu speaks at Asian Financial Forum, highlighting opportunities in CreditTech for Southeast Asia’s underserved
HONG KONG, Jan. 15, 2025 /PRNewswire/ — FinVolution Group (NYSE: FINV), a leading fintech service provider in the pan-Asian region, reaffirmed its commitment yesterday to advancing financial inclusion through cutting-edge credit technology and strategic partnerships at the Asian Financial Forum 2025 in Hong Kong.
Dr. Ming Gu, Senior Vice President of FinVolution Group, shared his insights on how fintech innovation is transforming access to credit for underserved populations in Southeast Asia.
“Fintech is creating new pathways for underserved populations to access credit and financial support, empowering them to invest in their futures,” he said at a thematic workshop on the future of fintech in Southeast Asia.
Driving financial inclusion through innovation
Gu emphasized FinVolution’s mission to bridge the gap between financial institutions and underserved communities by leveraging advanced credit technology.
The company has built its business around serving young workers and small business owners from grassroots backgrounds, whose financial needs are often overlooked by traditional banks and other financial institutions.
Through user-friendly digital lending platforms and collaborations with local partners, FinVolution has supported over 6 million borrowers and facilitated loans exceeding US$3 billion in its markets outside China as of Q3 2024.
FinVolution’s AI-powered tools enable financial institutions to better assess creditworthiness, particularly for those without traditional credit histories, Gu explained.
Opportunities and challenges in Southeast Asia’s market
Gu highlighted Southeast Asia’s potential as a key growth market for fintech, driven by its young population, e-commerce growth, and credit-driven consumption habits.
“Very few regions in this world can meet all these criteria,” he said, highlighting the underpinnings of Southeast Asia’s ascent as a fintech powerhouse. “Digital lending always goes hand in hand with the growth of e-commerce.”
“The number one factor driving financial inclusion and literacy is GDP per capita,” Gu said. “Fintech and other technologies serve as a tool to facilitate this process, but it is GDP per capita that remains the cornerstone of development.”
For instance, Indonesia’s ambitious Golden Indonesia 2045 Vision aims to accelerate the nation’s economic growth by at least 5% annually over the next two decades.
This initiative reflects the nation’s commitment to fostering financial inclusion and leveraging technology as a catalyst for sustainable progress.
“Indonesia is the place to watch over the next five to 10 years,” Gu added. “We are very bullish on Southeast Asia.”
Symbiotic relationship with regulators and financial partners
Despite these opportunities, challenges such as the lack of credit histories and increasing fraud risks persist, threatening the future of fintech in this region.
FinVolution combats these issues with advanced proprietary risk management systems and fraud prevention technologies.
Gu stressed the collaboration with regulators and financial institutions in creating a robust and inclusive financial ecosystem.
FinVolution itself adheres to stringent regulatory standards, securing necessary licenses and aligning with local laws. This endeavor coincides with steady improvements to Southeast Asia’s regulatory stringency in recent years, which are credited for creating an environment conducive to fintech innovation.
“I believe a symbiotic relationship between regulators and fintechs like us is crucial to Southeast Asia’s rise as a key global fintech hub,” Gu noted.
With over 100 financial institution partners, including digital banks and consumer finance companies, FinVolution provides end-to-end credit tech solutions that streamline processes and expand outreach.
FinVolution Group remains dedicated to driving financial inclusion and innovation in Southeast Asia. With a focus on technology and collaboration, the company aims to empower individuals and communities while fostering a thriving fintech ecosystem in the region.
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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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