Late payments almost doubled over lockdown

Late Payments

Chatsworth client, Previse, spoke to the Financial Times about the urgent need to use technology to get SMEs paid on time, sharing its proprietary data, revealing late payments almost doubled over lockdown. 

The FT’s report, out this week, is an essential read and deep dive on the challenges small businesses face to get paid fairly and on time. Previse’s data reveals clearly how payment terms and practices are one of the first areas of supply chains to degenerate in the face of uncertainty over cash flow. Inevitably, this impacts small businesses the most. 

The events of the pandemic have put untold strain on supply chains all over the world. Previse’s InsantPay offering – which gets all suppliers paid immediately – has emerged as a sustainable solution to cash flow for businesses. 

Previse’s CEO and co-founder, Paul Christensen, outlined the profound impact day-1 payments could have on helping small businesses:

 “We need every small business in the UK to have the option of day-one payment if we are going to avoid a catastrophic number of bankruptcies and the inevitable rise in unemployment that follows.” 

Thanks to the Financial Times for giving this topic the attention it deserves. Click here to read the full report on the future of payments.

It rounds off a busy few months for Previse which was named a CBILs accredited lender and, more recently, received a £2.5M grant from the BCR. 

The Spectator magazine has also moved Previse into the final round of its Economic Innovator of the year award. And we have a third-year-running listing in the influential Fintech Top 50. A great firm, doing great things. 

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