Stereotypes abound when it comes to the different areas of the UK. But what are the regional differences for paying small businesses on time? Zervant has compared data on late payment in all the different regions across the UK, including London, the South East, South West, Midlands, the North, Wales and Scotland.
We’ve used data gathered from a study done by our friends over at Paym, a service that allows you to pay friends, family and small businesses using only their mobile number. In their study they looked at the percentage of sole traders who have given up chasing late payments.
Rather that just present these figures in a table, we thought it would be more interesting to turn them into a map. For each area of the UK you will see a corresponding number. This number is the percentage of sole traders in each particular area that have had to abandon chasing an overdue payment in the last 12 months.
Map of Late Payment in the UK
As you can see, Yorkshire and the East are the worst areas for paying invoices on time. More than 4 out of 10 sole traders have had to give up on late payments. In contrast the South West is the most prompt paying area. Only 1 in 5 had to abandon payments here. Overall, the national average is 31%. Which means a third of small business are losing out on money that is rightfully theirs.
Why Do These Figures Matter?
It’s a well known fact that late payment is one of the main headaches for freelancers and sole traders. It’s annoying, unprofessional, and a chronic waste of time. In the worst cases it can lead to a business going under.
The figures matter because it’s important to highlight this issue and to continue to move things forwards. It is thanks to campaigning, for example, that the Government’s long awaited “late payment tsar” may soon finally be appointed.
But what can you do in the meantime?
Of course the first step to getting paid on time is to have an accurate and professional invoice template. Our online invoicing software is designed specifically with this in mind. You can use it to create, send and manage an unlimited amount of invoices. It’s also free, click below to get started!
Want to get paid on time?
Let Zervant help.
Our software will help you create invoices, estimates and receipts. It’s also completely free. Why not give it a try!?