Satago launch ‘Get Businesses Paid’ campaign to end the scourge of late payments on small businesses
According to the Federation of Small Businesses (FSB), 62% of SMEs have experienced late or frozen payments since the pandemic began and the sum of late payments currently owed to UK businesses exceeds £23bn.
“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.
“Economists estimate that three million people are facing unemployment as the Government winds down its coronavirus support schemes. We cannot just stand back and do nothing. The survival of SMEs will play an essential role in the recovery of our towns and cities. Their social and economic importance cannot be overstated.”
Satago will be working with their corporate partners to promote better payment practices and to help small businesses access the tools they need to protect themselves from a sales ledger full of bad debt. Their partners include Enterprise Nation, The Insititute of Certified Bookkeepers (ICB) and the Chartered Institute of Credit Management (CICM).
“We are delighted that we can now add Satago to the resources available to our members.” says Henry Barton, Partnerships Manager at Enterprise Nation.
How Satago can help businesses get paid on time:
Business owners who offer sale on credit will be familiar with the frustration of chasing invoices weeks and sometimes months after payment is due.
Satago solves this problem by chasing your invoices so you don’t have to. The app integrates with your mail server and sends payment reminders, monthly statements and thank you emails to your customers from your own email address. Email templates and sending schedules are customisable and late fees can be added to payment reminders at the touch of a button.
In addition to automated credit control, Satago allows you to check your customers’ credit score, risk band and the average time they take to pay their bills. Allowing you to gain a full understanding of your customers’ payment practices and financial position before you agree your terms.
Finally, Satago offers invoice finance, so business owners who are experiencing cash gaps can apply for an advance on their invoices, all within the app.
Shaign Hancock is the owner of MG Cannon, a car accident repair company. He was introduced to Satago in the spring.
“During the first lockdown with all our workshop staff on furlough and the doors closed, we took the opportunity to catch up with our aged debt.” Says Shaign, “Satago was introduced to me over the telephone by Sage when I quizzed them to find out how we could manage our credit control in a sharper way. We have never looked back.”
Satago has helped Shaign get a better overview of his company’s debtors and improve his relationship with clients. “We have lots of customers, different types of customers and we now have a really good overview of our debt. We can send automatic statements and reminders in a friendly way. We can now identify issues at an early stage, rather than letting them run on.”
Credit control and risk analysis are vital tools in the fight against late payments. Satago is committed to helping all businesses, no matter how small, gain access to these tools.
How to get involved:
If you’re a corporate organisation, business network, accountant or membership body, you can sign up today and join Satago’s pledge to get businesses paid on time.
Once signed up, you can give your network access to a Satago subscription, meaning they’ll benefit from Satago’s risk insight, credit control and finance options and can start improving their cashflow.