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14/07/2011 -
Small businesses are facing a longer waiting period for their accounts receivable, as clients with tightened budgets are trying to hold on to their capital for as long as possible.According to a recent study by the National Federation of Independent Business, manufacturers with less than $10 million in annual revenue are receiving payment an average of 48 days after being invoiced this year, marking a six-day increase over 2010 and a 10-day hike from 2006.
What's more, nearly 40 percent of small businesses surveyed by the NFIB reported that receivables are coming in at a slower pace.
"This is a huge issue," Sara Horowitz, executive director at the Freelancers Union, told USA Today. "I am getting emailsfrom members who have a hard time paying for their health insurance because their clients aren't paying on time."
The trend may suggest the need for small firms to begin offering more immediate payment options to their clients - even in the business-to-business sector. Merchant accounts, mobile payments and credit card processing are increasingly becoming viable payment forms across all industries.
