SYS-CON MEDIA Authors: Carmen Gonzalez, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

Blog Feed Post

Middle aged men worst payers in Britain, according to WorldPay Survey

Goat ate my cheque book, one of many excuses given to tradespeople

LONDON - 5th March 2014 - A survey from WorldPay, the UK leader* in payments has found that many micro businesses and sole traders are regularly battling with late payments from their customers and are chasing up an average of £799 in late payments. This suggests that bad debt accumulated by this group alone could add up to a staggering £2.5 billion in the UK.

The research, which surveyed over 1,000 UK mobile tradespeople across various sectors, found that they typically get paid late once a month. Individual consumers are the biggest culprits according to 60% of respondents, while only 17% think that large businesses are the worst offenders. Men in their 40s have been voted the guiltiest for paying late, and over half (58%) believe that the more affluent the customer, the more likely they are to be late payers.

Typically, tradesmen may have to wait up to 15 weeks to get paid for their work, although for plumbers the wait can be much longer, around 27 weeks. The findings also show that once the payment becomes late, it can be as good as written off. On average, each tradesperson writes off £770 a year, the equivalent of a nice holiday abroad.

Products like WorldPay Zinc can help make late payments a thing of the past by allowing tradespeople to accept card payments as soon as the work is done. The system works using a compact Chip and PIN keypad which links to their smartphone or tablet.

The research suggests customers come up with some imaginative excuses for late payments, including:

  1. "I dropped my wallet into a toilet and have to wait for my bank notes to dry out."
  2. "A goat ate my cheque book and I couldn't get to the bank for a replacement."
  3. "I fell on the way to the bank and had to go to hospital instead."
  4. "I had a puncture and whilst fixing it I dropped my house keys down a drain and couldn't get into the house to get my cheque book."
  5. "There is no toner in my printer so I can't run the payment account."

Commenting on the findings, Dave Hobday, Managing Director of WorldPay UK, said: "Running a small business is hard enough without people using every excuse under the sun to avoid paying. It's astonishing to see how many people seem to think that's acceptable behaviour. It's the same as to chase their employers for their salaries every month. How much would that impact on their lives?

WorldPay Zinc offers a simple solution for taking immediate card payments so tradespeople can get paid on the spot, and save both time and money."

James Lawrence, of Plumbersparts.co.uk comments: "It happens fairly often that customers try to stall payments. It's been getting worse since the recession. People seem to like having things done despite not actually having the money to pay for it."

ENDS

Notes to editors:

1. Media contacts:
For media information, please contact Jennifer Jackson or Ingrid Semanikova, Octopus Communications, on 08453 700655 or [email protected] / [email protected].

2. About WorldPay's Chasing Payments survey:

  • WorldPay surveyed 1,008 UK tradespeople, free from a fixed location and responsible for their business or collecting business payment. They completed an online survey during December 2013 - January 2014.
  • 65% of respondents were sole traders, 18% employing 2-3 members of staff, 7% employing 4-5 members of staff and 10% employing 6-20 members of staff. 70% of respondents were male and 30% of respondents were female.
  • According to the survey, tradespeople are owed an average of £799 in outstanding payments per year and write off an average of £770 per year in outstanding payments.
  • As reported by the Financial Times on 15th September 2013, there are 3.137 million skilled tradespeople in the UK. According to the Chasing Payments research, this suggests that on average, tradespeople in the whole of the UK may be owed up to £2.5 billion per year and write off up to £2.4 billion per year.
    Source: http://www.ft.com/cms/s/0/3240ad72-1c94-11e3-8894-00144feab7de.html#axzz2svG3finJ

3. About WorldPay
The UK leader in payments*, WorldPay helps businesses of all sizes sell more to their customers - by accepting credit and debit card payments in-store, online, via mail or telephone, and on the move.

Globally, the WorldPay Group processes around 8.4 billion transactions every year. Our online payment options cater for over 200 payment types in 115 currencies.

WorldPay Zinc is a trade name of WorldPay (UK) Ltd. Registered in England No. 07316500. Registered Office: 55 Mansell Street, London, E1 8AN. WorldPay (UK) Ltd is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009 (No 530923) for the provision of payment services.

*By transaction volume and value. Nilson Report, June 2013

Source: RealWire

Read the original blog entry...

More Stories By RealWire News Distribution

RealWire is a global news release distribution service specialising in the online media. The RealWire approach focuses on delivering relevant content to the receivers of our client's news releases. As we know that it is only through delivering relevance, that influence can ever be achieved.

Latest Stories
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...