The service uses Payit technology and aims to help small and medium businesses to receive faster payments of invoices, at a lower cost than other payment methods provide. At the same time, according to Payit’s latest research, almost 60% of SMEs mentioned they have experienced an increase of late payments since the beginning of 2022.
The same research reveals that 26% of SMEs are owed between GBP 5,000 and GBP 20,000, while two out of five small businesses (approximately 37%) state that payment requests and invoices are late. On average, SMEs spend four hours per month following up with customers on outstanding invoices.
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