Micro-businesses are missing out on between £875m to £1.7bn a year for forgetting to invoice, according to a study from digital banking app Amaiz.
In its new research, the company found that nearly 15% of micro businesses still only take cash and of those, 31.5% reported they had lost customers because of it.
Furthermore, 34.6% of all micro businesses said they had forgotten to invoice a client. Around 50% of these business owners had lost at least £350, while 8% said they had lost at least £1,000.
A total of 500 businesses were surveyed for the study, examining their challenges with payments. It conducted the survey to find out which services it should prioritise on its app.
Amaiz head of acquisitions Matt Goddard said, “We know that micro businesses and sole traders are working long hours and bookkeeping is an added burden at the end of the working day. Our aim is to reduce that burden, so we carried out the research to ensure we understood their struggles.”
The FinTech offers a banking app which enables businesses to invoice directly from the app. A partnership with payments company SumUp also enables clients to access a mobile card reader to improve transaction options in stores.
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