Get Businesses Paid Campaign
At Satago, it’s our mission to get businesses paid on time.
Late payments cause 50,000 small UK businesses to collapse each year, destroying livelihoods and stifling our economy.
Now, as we grapple with the most challenging economic period of this generation, we need to tackle the issue head on.
According to the Federation of Small Businesses (FSB), 62% of SMEs have been subject to late or frozen payments due to COVID-19. In order to reverse this trend, we’re asking you to join our mission to get businesses paid and back on their feet.
“SMEs are the backbone of the economy”, says Satago CEO Sinead McHale. “Their survival is vital for the communities where they operate and the families that rely on them.
“The UK is facing the most challenging economic period of this generation. Economists estimate three million people are facing unemployment as the Government winds down its Coronavirus support schemes, a level not witnessed since the deep recession of the 1980’s. We cannot stand back and do nothing. The survival of SMEs will play an essential part in the recovery of our towns and cities. Their social and economic importance cannot be overstated.”
Satago is seeking to partner with organisations who believe it is our responsibility to get businesses paid and back on their feet for the benefit of the economy and society.
If you work with businesses who need to improve their cashflow and who would benefit from using Satago’s Risk Insights, Credit Control and Finance tools to improve their cashflow, then we want to hear from you.
If you’re interested in joining our campaign, get in touch today. Once signed up, we can work together to give your members and clients access to a Satago subscription and provide them with the resources they need to get paid faster, avoid credit risks and manage their cashflow.
“We are delighted that we can now add Satago to the resources available to our members” —Henry Barton, Enterprise Nation
How Satago can help
When a company agrees to provide goods or services to a client on credit, they can’t say for certain whether their client will pay them on time. All they can do is make a prediction based on the information they have to hand.
What they can do is ensure that this information is current, correct and as detailed as possible.
The best way to spot a potential late payer is to use a risk insight tool to uncover your clients’ previous payment history, their financials and their credit score. Satago’s tools go one step further and suggest workable payment terms based on data and behavioral informatics.
Businesses can use this information to decide whether their working relationships should be based on cash or credit, and to decide when to walk away from clients who might not be able to pay them when the time comes.
In a challenging market, when even some of the most well-established companies are facing financial difficulty, it has become more important than ever for businesses to do their research when acquiring a new customer.
Once a business has agreed their payment terms, the best way to ensure prompt payment is to use a robust credit control strategy.
- Invoice correctly and on time
- Start sending reminders seven days before the invoice is due
- Keep track of and respond to any invoice queries
- Escalate late payments and apply late fees as necessary
- Send monthly statements to repeat customers
- Send thank you emails once payment is made
Read more about best-practice credit control procedures in the Satago playbook, available to download here.
Unfortunately, many smaller businesses don’t have the resource to dedicate this much time to manually chasing their debtors and subsequently pay the price in late payments. This is where a credit control tool can really help. By automating payment reminder emails, credit control tools relieve the burden of manual invoice chasing, saving businesses time whilst ensuring they get paid faster.
Additionally, the automated credit control tool which Satago provides makes it easier for businesses to manage their sales ledger, by keeping all information—from aged debtors to ongoing invoice queries—in one place.
Join our campaign
We’re committed to working with our corporate partners to promote better payment practices.
If you’re a business network, accountant or membership body with an interest in helping businesses survive the challenging times ahead, sign up today and join our pledge to get businesses paid.
Once signed up, you can give your network access to a Satago subscription. That means they’ll benefit from Satago’s risk insight, automated credit control and single invoice finance and can start improving their cashflow.
