November 20, 2015
Fundbox, the leading cash flow optimization platform for small businesses (SMBs), today released data findings on invoice payments from its platform. Based on data entered into the accounting and bookkeeping systems of tens of thousands of SMBs, the study revealed the widespread problem of late payments; 64 percent of small businesses are affected by late payments on open invoices. Additionally, the data showed that many large corporations, such as Walmart and McDonalds, take the longest to pay SMBs.
We had an opportunity to discuss this infographic with Jordan MacAvoy, VP of Marketing, Fundbox. On asking him about the industry specific trends he said, "20 million invoices in the Fundbox system were analyzed and the data represents small businesses across many industries in the U.S. Our study revealed that cleaning services, accounting and bookkeeping, web design, landscaping services and construction trades were the industries that were most affected by late payments."