![]() ![]() Noteworthy findings from the report include: Wave’s report examines the state of payments for this group, and the factors contributing to on-time customer payment. Payment terms are set up by the business owner, and timely payment is dependent on customer behavior. Microbusinesses, especially those running service-based or virtual businesses, largely rely on paper or digital invoices to get paid rather than collecting payment at a retail point-of-sale or on the job. A recent Wave poll 3 of 1,000 US microbusinesses found that one in four owners have waited more than a year to get paid or simply haven’t been paid at all for their work. According to a report from the Center for Financial Services Innovation, 2 the financial health needs of microbusiness owners are largely overlooked, but the volatile nature of running a small business makes the need to plan for irregular income and expenses all the more important. Microbusinesses (defined by the US Small Business Administration as having fewer than 10 employees 1), make up 92% of all businesses in the United States. In fact, in 2021, 15.4% more digital invoices were paid on time when embedded with payment features. The study, which leverages anonymized invoicing data of over 300,000 US microbusiness owners, found that when these business owners make it easier for their customers to make online payments directly from a digital invoice, their customers are more likely to make payments on-time, helping to improve cash flow and ease income volatility. 10, 2021 (GLOBE NEWSWIRE) - Wave, an all-in-one money management solution for small businesses, today announced a new report, “ Macro Trends in Microbusiness: The Wave Report on Getting Paid 2021,” that explores payment trends shaping microbusiness cash flow in the United States.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |