Knowledge Centre

How Previse is supporting SMEs through this late payments crisis

The economic fallout from coronavirus is intensifying the ongoing problem of late payments. Previse is proud to be approved for accreditation by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS). CBILS loans will be available through our InstantFlow Cash Account solution, enabling SMEs instant access to the money they’re owed by their customers.

A better future

For more than a decade large firms have been able to support their suppliers with a range of supply chain finance (SCF) options. Yet, uptake of these programmes by SME suppliers has remained limited

Asking the right questions on slow payments

As the Government announces new enhanced powers for the Small Business Commissioner to tackle late payments, Paul Christensen, CEO and co-founder of Previse, points out that, unless these are coupled with reform to Prompt Payment reporting, they are unlikely to lead to practical changes for SME suppliers.

Time to turn to technology to fix the supplier payments problem

Following the announcement last week that company boards would be held directly responsible for payment practices, David Tyler, former Chairman of Sainsbury’s, and a member of Previse’s AdvisoryBoard, argues that if retailers do not make significant progress on improving supplier payments, they risk a harsher regulatory environment.

More of the same won’t speed up invoice payments

Many of the most progressive businesses are enthusiastic about putting an end to slow supplier payments. However, says Paul Christensen, CEO and co-founder of Previse, the archaic nature of current payment practices mean speeding up existing processes is a futile task. Firms need to completely rethink how their suppliers get paid to meet their ethical obligations.

AI & Learning – A Powerful Combination

As everyone arrives at NBC Congrescentrum near Utrecht for the Oracle CloudDay NL event, Previse is excited to be attending the exhibition as well as participating on a panel. As partnership manager at Previse, I’m really looking forward to connecting with other thought leaders at the event.

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