The Paypers

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.

The new PayMe feature within the NatWest Business Bank app aims to help business owners in that field, making it easer for merchants to request money from clients, customers, or associates. The PayMe app will generate a link or QR code for payers with a UK account, for all payments between GBP 0.01 to GBP 50,000. The link/ QR code can also be shared with customers via social media platforms like WhatsApp and Facebook, as well as through email or can be embedded into an invoice.

Payit research: 26 per cent of SMEs are owed money in late payments