Ninety-three per cent of SMEs in the tech sector are not paid on time for providing goods and services, according to research from alternative funding provider Growth Lending.
Its Don’t Bank On It report also reveals that a third of tech SMEs experience late payments on a monthly basis. Ten per cent cent even face late payments on a weekly basis.
Of those tech SMEs that experience payments outside of agreed terms, 39 per cent have at least £50,000 tied up in late payments. While 21 per cent have up to £500,000 of capital unavailable as a result of unpaid invoices.