For an industry already riddled with long waits for payments and lots of chasing up, the creative arts has been hit incredibly hard by COVID-19. Not only has payment processing slowed down for existing workloads, but the production of new work has died down significantly for many since March. Some aspects and individuals have continued to do incredibly well during the pandemic, but overall, the data says ‘times are tough’.
Enter Monet. Faster payments, less admin work, better organisation all whilst not hampering your relationship with your debtors is what we are working on. But enough about us for a moment, let me just give you a slightly wider view of the state of UK payments in 2020. This should help you set expectations and be more cautious going into work with new untested companies this summer.
The UK saw a 25% jump in unpaid invoices in April, and spiking to 42% in May according to Fortune. To put this into numbers, a recent study claimed that UK businesses are owed a total of £133 Billion for work completed before lockdown began!
One of the key benefits of using the Monet app is that we insure every invoice used in our Fast Pay service. Meaning that if things are to go pear-shaped with the company that owes you, so long as we have done our work correctly (and of course we will), you are covered, and we are covered.
For those curious, our fast pay service takes a small fee from your payment in order to account for things like validation checking, insurance, and taking on the risk of fronting you. This usually works out between 1-3% and is all done super quickly due to the technology we’ve built. Meaning if you have a £1000 invoice, we will likely pay you somewhere between £970 and £990 on the day. The better we get to know you, the better the rate we can offer. We’re a community after all, and trust means a lot as I’m sure you know.
Anyway, that’s about it from us today. If you’re one of the many people who have applied to be part of our journey in our digital campaign, we’ll have a little update and introduction for you soon.
⚠️ New Tracker data highlights the rise of B2B Unpaid Invoices across Europe since Covid-19, just when we thought we had reached a flat. Watch in live ▶️ https://t.co/mgtfxRZf6m #WeeklyInvoiceTracker📈 pic.twitter.com/9Z8Bic6KdP— Sidetrade (@Sidetrade) May 13, 2020