Following this announcement, the bank payment company GoCardless and the Federation of Small Businesses (FSB) are expected to provide members and partners with the needed access to practical tips and advice, in order to optimise the manner in which they address late payments.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
GoCardless represents a global bank payment company that focuses on making the process of taking control of payments easier and more secure for businesses and collaborators. This procedure is set on collecting one-off and recurring transactions via Direct Debit and Open Banking. The Federation of Small Businesses (FSB) is a non-profit, non-part-political organisation that provides its members and customers with access to a wide range of vital business solutions, including advice, financial expertise, and support.
According to research that was released last year by the Federation of Small Businesses, over half of the 5.5 million small businesses that are operating in the region of the UK suffered from late payments in 2022, with a quarter also reporting an overall increase in late payments. At the same time, 37% of small businesses also mentioned that they took on credit in order to manage their cash flow, highlighting how the uncertainty and stress of securing financing could also have a negative impact on overall well-being and quality of life.
As the new FSB GoCardless Late Payments Hub was launched, GoCardless is expected to provide information and guidance for FSB members, in order to give them the possibility to take control over when and how they get paid. In addition, FSB clients and partners will also be allowed to access multiple benefits, from cost savings and support during the process of signing up to GoCardless, subject to eligibility criteria.
The FSB GoCardless Late Payments Hub was developed in order to contain practical information and advice, including directions on how to minimise payment admin and optimise cash flow, how the overall payment experience can impact client satisfaction, how the right payment strategy can improve the acceleration of development, as well as how to evaluate different payment methods.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now