PLEASE NOTE THAT THE CBILS & BBLS is now closed to new applications
A great proportion of B2B businesses will have had some experience with late payments from their customers. Though it is common for businesses within these sectors to have longer credit terms, it can generate a number of problems for business owners.
The definition of cashflow is simple. It refers to the cash flowing in and out of your business during a specific period of time. Cashflow is an indication for the financial health of a business and determines whether a business can pay its current liabilities.
There are always scams circulating online, whereby scammers will attempt to gain access to personal information or money by targeting individuals or businesses with fraudulent communications. The two main ways that this is achieved is through online scams and payment fraud. With the COVID-19 pandemic came many new ways that scammers are attempting to commit fraud. Unfortunately, businesses in need are being targeted, with scammers offering money whilst claiming to be compensation, or sending fraudulent links to these business owners.
When looking for financial options for your business, it can be overwhelming due to the amount of finance products and services available.
Two of the most common and popular forms of business finance used are Invoice Finance and Bank Overdrafts. Invoice Finance involves having access to unpaid invoices at a set advance less an agreed fee before your customers pay you. A bank overdraft is closer to a loan as you are given a set amount to use which you will later pay back.
Late payments are something that businesses across the country suffer from and they can cause a great deal of stress for business owners. The general payment terms are 30, 60 or 90 days in which goods or services must be paid for however 90 days can seem like a long time to wait for customers to pay - especially if there are other payment commitments to meet.