Click here to close now.

SYS-CON MEDIA Authors: AppDynamics Blog, Mike Kavis, Esmeralda Swartz, Cloud Best Practices Network, Ruxit Blog

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
Plutora provides enterprise release management and test environment SaaS solutions to clients in North America, Europe and Asia Pacific. Leading companies across a variety of industries, including financial services, telecommunications, retail, pharmaceutical and media, rely on Plutora's SaaS solutions to orchestrate releases and environments faster and with integrity. Products include Plutora Release Manager, Plutora Test Environment Manager and Plutora Deployment Manager.
Hosted PaaS providers have given independent developers and startups huge advantages in efficiency and reduced time-to-market over their more process-bound counterparts in enterprises. Software frameworks are now available that allow enterprise IT departments to provide these same advantages for developers in their own organization. In his workshop session at DevOps Summit, Troy Topnik, ActiveState’s Technical Product Manager, will show how on-prem or cloud-hosted Private PaaS can enable organ...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on T...
When it comes to building applications, one database definitely does not fit all. Traditional SQL databases are great for storing highly structured, normalized data and performing analytics and reporting. NoSQL has attracted developers with its awesome flexibility, and JSON-centric document stores like Cloudant make web developers incredibly productive by offering a JavaScript environment from end-to-end. Recent Big Data challenges have driven the need for a distributed approach to analytics e...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud....
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Ras...
SYS-CON Events announced today that the DevOps Institute has been named “Association Sponsor” of SYS-CON's DevOps Summit, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. The DevOps Institute provides enterprise level training and certification. Working with thought leaders from the DevOps community, the IT Service Management field and the IT training market, the DevOps Institute is setting the standard in quality for DevOps education and training.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting we...
SYS-CON Events announced today the DevOps Foundation Certification Course, being held June ?, 2015, in conjunction with DevOps Summit and 16th Cloud Expo at the Javits Center in New York City, NY. This sixteen (16) hour course provides an introduction to DevOps – the cultural and professional movement that stresses communication, collaboration, integration and automation in order to improve the flow of work between software developers and IT operations professionals. Improved workflows will res...
Even though it’s now Microservices Journal, long-time fans of SOA World Magazine can take comfort in the fact that the URL – soa.sys-con.com – remains unchanged. And that’s no mistake, as microservices are really nothing more than a new and improved take on the Service-Oriented Architecture (SOA) best practices we struggled to hammer out over the last decade. Skeptics, however, might say that this change is nothing more than an exercise in buzzword-hopping. SOA is passé, and now that people are ...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microser...
The webinar, hosted by XebiaLabs, will feature 4 experts including Special Host Gene Kim, author of The Phoenix Project, along with IT thought leaders Gary Gruver, Randy Shoup and XebiaLabs' Andrew Phillips. The panel brings more than 30 years of collective experience surrounding microservices transformations at major companies including Google, eBay and Tripwire. "The story around microservices and containers is pretty compelling and the attraction of more flexibility is obviously alluring,"...
SYS-CON Events announced today that Creative Business Solutions will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Creative Business Solutions is the top stocking authorized HP Renew Distributor in the U.S. Based out of Long Island, NY, Creative Business Solutions offers a one-stop shop for a diverse range of products including Proliant, Blade and Industry Standard Servers, Networking, Server Options and...