Checkapayer launches

The newly launched Checkapayer review site will play a critical role in preventing small firms from closing, it has been claimed.

Co-founder of Checkapayer, Chris Hooper, said the site – which enables freelancers, small businesses and any firm that supplies or works for other businesses to search, rate and review how quickly firms pay their suppliers – will enable small businesses to avoid working with those that pay late and therefore put their survival a risk.

Suppliers, freelancers, and contract workers: review your payers here

Research carried out by the Federation of Small Businesses (FSB) shows that 440,000 small firms could be forced to close this year due to late payments alone.

“The fact that small firms go out of business because bigger firms hold on to the money they owe them for too long is simply unacceptable,” Hooper said. “These are businesses that have taken blood, sweat and tears to establish – and risk disappearing overnight because poor cash flow stops them paying their own bills and suppliers.

“The Checkapayer launch will allow smaller firms to check in advance how quickly companies are likely to pay them – based on other businesses’ experiences – so they can avoid them if their performance is poor and prioritise working the best, and fairest, payers.”

Checkapayer – which is free to access for all freelancers, contractors and businesses – will offer users the opportunity to rate businesses of five for their performance paying invoices, as well as written reviews detailing their experiences.

The UK Small Business Commissioner says 20% of small businesses have run into cash flow problems due to late payments and, if small businesses were paid on time, the UK economy would benefit by £2.5bn a year.

The Checkapayer launch brings a wealth of tips, news and information for small businesses into one place in the hope that late payments can be made a thing of the past.