SMEs chasing £8,000 in debts

Small businesses in Northern Ireland are chasing late invoices with an average value of £8,000, according to new data analysis from fintech start-up Ormsby Street.

The firm, the company behind free credit-checking tool, CreditHQ, is one of the organisations attending MoneyConf, the dedicated two-day conference featuring the world’s leading fintech companies and a new wave of fintech startups that beginning in Belfast on Friday.

“£8,000 is a significant amount for Northern Irish small businesses to be owed, and it’s a similar story all over the world, with small businesses dogged by late payment of invoices,” said MD Martin Campbell.

“The CreditHQ Insight Engine brings all the benefits of big data to any small business using the tool, suggesting how businesses can respond when dealing with different types of customer or different circumstances.

“This allows them to concentrate on running their businesses efficiently and focus on future growth.”