The Federation of Small Businesses has estimated that late payments cost the UK economy £2.5 billion annually, leading to the demise of 50,000 small businesses a year
Delayed payments are one of the main reasons people are reluctant to pursue freelance and flexible work, choosing instead to work in more traditional jobs that are potentially less fulfilling and lucrative.
Nick Woodward, CEO of ETZ Payments, observes:
“Late payments are destroying businesses across the UK. The fact that they are rife amongst the gig economy is putting people off choosing to work freelance or flexibly, which is adding further damage to the economy.
“Outdated and archaic payment systems need to be updated with modern technology to ensure that no payments are incorrect or late. We are looking to revolutionise the gig economy by introducing daily payments to highly-skilled free workers that are without any human error.”