Bibby Financial Services (BFS) published a guide on how small and medium-sized businesses (SMBs) can find alternative ways to protect themselves from the impacts of unpaid invoices and increase their cashflow.
A recent survey shows that 94 percent of American businesses experience late payment by their customers and nearly half of all invoices were paid past the due date.* For SMBs who withstand millions of dollars in outstanding invoices, waiting to get paid makes it hard to cover costs and keep their businesses moving. BFS’s guide, Get Paid On Time: How to Protect Your Business Against Late Payments, outlines the three classic options for dealing with late payments and proposes alternative solutions that allow SMBs to focus on running their business and not chasing payments owed.
“SMBs need reliable cashflow to keep their businesses operating smoothly and unpaid invoices are an unnecessary disruption,” said Ian Watson, CEO of Bibby Financial Services North America. “On average, American businesses are paid 34 days late.* SMBs should consider factoring accounts receivables and asset based borrowing as alternative solutions to protect against the ripple effect that late payments can have on the supply chain and the health of their business.”
*Atradius Payment Practices Barometer – The Americas, September 2016
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 10,250 businesses worldwide providing more than $1.25 billion in funding annually and handling $11.6 billion in annual client turnover globally. With over 44 operations in 13 countries spanning Europe, North America and Asia, we provide asset-based lending and factoring solutions to help businesses grow in domestic and international markets. Established in 2001, Bibby Financial Services North America has seven offices in the U.S. and Canada that support businesses in virtually any industry. We hold memberships in the Commercial Finance Association, the International Factoring Association, and the American Finance Association. Bibby Financial Services is part of Bibby Line Group (BLG), a diverse and forward-looking family business with over 200 years’ experience of providing personal, responsive and flexible customer solutions. To find out more about Bibby USA and Bibby Canada, please visit www.bibbycanada.ca or www.bibbyusa.com.