GoCardless has partnered with the Federation of Small Businesses (FSB) to help provide practical tips and advice to tackle late payments.
Founded in 1974, the FSB is a non-profit, non-party-political organisation celebrating its 50th anniversary in 2024. While GoCardless now processes more than $35billion of payments each year across more than 30 countries.
The FSB GoCardless Late Payments Hub aims to support small businesses by offering guidance on minimising payment administration, improving cash flow as well as evaluating different payment methods.
Research by FSB reveals that more than half of UK small businesses experienced late payments in 2022, affecting their financial stability and wellbeing. This partnership seeks to empower small business owners to take control of their payments while alleviating the burden of late payments.
“Small business owners are waiting too long to get paid, and the cost of receiving what they’re owed is simply too high,” said Nicola Hamilton, VP marketing, brand and communications at GoCardless. “Hours spent chasing payments quickly add up, and small business owners often opt to let a late payment go rather than having that awkward conversation with a customer. This needs to change.
“We’re excited to work closely with FSB to put small business owners back in the driving seat when it comes to collecting their hard-earned money.”
Caroline Lavelle, chief commercial officer at FSB, also added: “Small businesses are the backbone of our economy, but for too long their growth has been stunted by the scourge of late payments. Late payments can affect mental wellbeing alongside the financial strain.
“While there are wider issues at play, which FSB is campaigning on to address, there are practical steps that many small businesses can take right now to reduce the burden on their bottom line. I hope this new online hub will be a welcome resource to help our members with their financial wellbeing.”
The FSB GoCardless Late Payments Hub
The Hub‘s practical information and advice includes:
How to minimise payment admin and improve cash flow
How the payment experience can impact customer satisfaction – How to evaluate different payment methods
How the right payment strategy can help to foster growth
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