As British businesses continue to be confronted with late payments, with nearly two thirds of firms (60%) experiencing having to wait for 60 days or more for payment in the last 6 months, a recent study reveals, Tungsten Corporation is helping to finance UK companies by providing them with access to cash.
Tungsten Bank, the invoice financing arm of Tungsten Corporation, has offered early payment on approved invoices to over 21,000 eligible UK companies on Tungsten’s electronic invoicing network.
Tungsten Early Payment is an accelerated invoice payment solution which enables suppliers to take Early Payment on approved invoices. They submit invoices to their customers over the Tungsten Network, view the status of their invoices on the Tungsten Network Portal, and can select eligible invoices for Early Payment.
Edmund Truell, Tungsten Group CEO:
“Many SMEs are facing serious cash flow problems as some of their customers elect to manage their own working capital by extending invoice payment dates,”. “An increase in late payment practices, and often difficult access to affordable and flexible finance, has created an untenable situation for many UK businesses. The Bank of England’s ‘Trends in Lending’ quarterly data (220115) has once again shown no net growth in SME lending.”
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