New effort launched to protect small businesses from delinquencies

A new effort is underway to help small businesses get paid faster and increase cash flow this winter, as the growing cost-of-living crisis puts small businesses under increasing pressure.

Small Business Britain, TSB and Revenu, a payments app powered by BankiFi, have formed a new partnership to help small business owners get paid on time and tackle the challenge of bad late payment practices.

“Running a small business is challenging enough without worrying about getting paid,” said Michelle Ovens CBE, founder of Small Business Britain.

“Smaller businesses often unnecessarily bear the brunt of slow transactions. Not only do they deserve to be paid on time, but it’s vital to their cash flow and can make all the difference for small businesses facing a barrage of challenges from every angle right now.”

“We want to give business owners some firepower to combat this problem. Late payments have been going on for far too long in the UK, and the bigger businesses really need to step up and play their part too.”

The support package includes a free three-part webinar series to help small businesses with techniques, tips, and checklists for addressing the problem of late payments. This includes insights from industry experts on everything from the right technology, apps and software to streamline the checkout process, to managing cash flow and confident customer relationships with best practices in terms of prices and communications.

“Facing difficulties receiving payments is the last thing small businesses need in the current climate,” said Adeel Hyder, Director of Commercial Banking at TSB.

“Payment delinquencies are a significant issue that small businesses urgently need more support with. We want this new program to empower small businesses and equip them with the tools, knowledge and confidence to meet these challenges head-on.”

This new partnership builds on TSB’s existing offering to give customers access to Revenu, an app-based financial management tool from BankiFi.

It also comes ahead of a new joint research report to be released by Small Business Britain and TSB in the new year, which will examine how entrepreneurs can grow.

“On average, small businesses in the UK are owed over £6,500 in late payments alone,” said Jo Gibson, Revenu Customer Engagement.

“When there are already pressures on all aspects of running a business right now, issues like late payments can make the difference between staying afloat or going under. Our partnership with TSB has allowed us to put our solution to this problem, the Revenu app, directly into the hands of small businesses, right at the time they need it most”

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