Challenges of Late Payments and the Role of Automation in SME Payments

Pranav Sood, VP Small Business, GoCardless 

New research from GoCardless, a global FinTech in account-to-account payments, has revealed that the stigma attached to talking about money has left British small businesses vastly under- and unpaid. According to the findings, 29% of SME leaders feel uncomfortable asking customers for payment and nearly three-quarters are willing to forgo up to 10% of their annual turnover to avoid an awkward money conversation. Pranav Sood, VP Small Business at GoCardless explained to IBSi’s Reporter Gaia Lamperti how automation and payment intelligence tools can provide a solution to the issue, reducing the rate of failed payments to SMEs.