Late payments threaten small business

Published on 1 January 1970 by Raffick Marday

Tough financial times have hit small businesses hard, but one way they can monitor how much their employees are spending is with a prepaid business debit card.

Benefits for a business using a prepaid debit card include, that the debit card can be easily accessed as ATM cards, a perfect way to pay for goods from shops, petrol pumps, reserving tickets for flight and railway travel.

Business owners can also monitor spending carefully as you can only spend the amount put onto the cards after that it's gone and needs to be topped up.

This comes following the news that more than seven in ten small businesses in the UK have been affected by late payments over the last year.

News stats from Nationwide say claim that 71 per cent of small businesses had to chase invoices and that the total amount still owed to small businesses exceeded £63 billion.

For small businesses it's difficult to force payments from customers, so cutting costs internally could be a money saving measure.


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