Late payment is an endemic
Contractors are vital to businesses, yet many risk losing valued talent if they cannot pay on time. However, a high percentage of SMEs who use contractors admit they take more than 90 days to pay contractors.
Why are businesses struggling to pay on time?
Almost two-thirds of SMEs who use contractors say late payments from their clients and customers cause them issues with their cashflow. These problematic cashflow issues then ripple across the economy and contractors end up shouldering the burden.
RAMP Global and Sonovate have recently partnered to create a unique, integrated solution that gives employers access to funding through a single platform. This helps them to manage their cashflow more easily and enables them to guarantee that their contractors get paid on time, every time.
The RAMP Global platform offers a source-to-pay solution helping companies to fill their contract and permanent requirements. RAMP Global’s reach to over 25,000 agencies makes it simple for employers to engage suppliers in over 43 countries.
Sonovate is a leading provider of embedded finance and payment solutions for the contingent workforce. The company offers finance and technology services to recruitment businesses, consultancies and labour marketplaces that engage contractors and freelancers across the world. Its global technology platform takes the hassle out of managing contractors’ appointments, assignments and payments. It enables companies to get back to growing their businesses, confident that funds are in place to help meet payment deadlines.
Since it began funding organisations in 2014, Sonovate has lent over £3 billion to more than 3,300 businesses in 40 countries to ensure over 30,000 people are paid in full and on time for the services they provide.www.sonovate.com
Request a copy of our Contract Economy Report and find out more about contractor management and funding solution.
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