A new early payments platform has been launched backed by the Department of Business Innovation & Skills and international insurer RSA.
A recent survey of 350 small UK businesses found three in four wanted early payment of invoices, and would take a small discount to get it. But half of them would never ask their customers.
The survey also found:
• 75 per cent expect to grow by more than 5 per cent in the coming year
• 66 per cent don't think their bank would support a loan application
• 82 per cent have suffered extended payment in the past three years
• 49 per cent said they wouldn't need to borrow if their largest customer paid early
URICA has now been launched in a bid to get businesses to pay earlier.
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