Update: Please see AccessPay’s Comprehensive Guide to SUNs.
Any business wanting to collect payments by Direct Debit needs a SUN (Service User Number) from Bacs (Bankers’ Automated Clearing Services).
Not everyone has a SUN of course; and we realise that not everyone knows what they are! With that in mind, here’s a quick explanation – starting with the obvious question:
Smaller UK businesses are still bearing the brunt of late payments, according to research by Bacs (Bankers’ Automated Clearing Services).
For SMEs (employing up to 250 people) cash flow is critical and they rely on prompt payments to survive. But the fact is, they’re shouldering most of the UK ‘late payment’ burden – Bacs reckons that SMEs are owed almost £40 billion compared to the £6.7 billion owed to large corporates!
Bacs estimates that 60% of SMEs are experiencing late payments, and that the average SME is waiting for an eye-watering £38,000 of late payments at any given time!
Even more worryingly, a third of SMEs report that they spend around £500 per month having to deal with late payments…
Is anything being done to level the playing field for SMEs?
What is the government doing to help SMEs get paid on time?