Satago is pleased to announce the launch of “Satago Lite”, an invoice chasing solution designed to help smaller business get paid faster.
Designed to help businesses recover from the pandemic by automating their credit control process and improving their cashflow, Satago Lite is focused specifically on credit control and is suitable for sole traders and micro businesses.
Satago Lite is a slimmed down version of Satago, the award-winning 3-in-1 cashflow management solution, which combines Automated Invoice Chasing, Risk Insights and Invoice Finance.
Satago Lite plugs into accounting software enabling businesses to send automated payment reminders to customers and make getting paid easy. It offers unlimited invoice chasing and enables businesses to add late payment fees automatically. In addition, its customisable features allow businesses to maintain a personal relationship with customers.
Priced at just £10 per month, Satago Lite finally gives micro businesses access to an essential credit control tool in the battle against late payments. Satago’s automated emails are proven to get businesses get paid faster and reduce debtor days by up to 72%.
The benefits of invoice automation are clear, says Satago CEO Sinead McHale. “Fewer debtor days mean better cash flow and a healthier cash balance. But it doesn’t just help you to increase your cash balance, automation also saves you time, reduces your stress levels and helps to improve relationships with your clients. Satago Lite is our contribution to helping businesses bounce back after multiple lockdowns and 18 months of reduced trading.”
Some 62% of SMEs have experienced late or frozen payments due to COVID-19. This not only affects the SME, but also impacts the entire supply chain, with 24% of SMEs stating that being paid late forces them to hold off paying their own suppliers.
SMEs are the backbone of the economy but a combination of late payments and a shortage of suitable lending options is leaving this sector exposed. Even before Covid, research by the Federation of Small Businesses showed that some 50,000 small businesses folded each year due to late payments.
Adds Sinead: “According to the Department of Business, Energy and Industry Strategy, almost a quarter of businesses consider late payments a threat to their survival, which is the highest across Europe. In addition, SMEs experience longer payment durations largely because of their limited power to negotiate with larger firms. That’s why it’s essential that we tackle the £23.4 billion worth of late payments owed to small businesses in the UK.”