In a survey, it is found that the plumbers face more withheld payments from customers than any other trade. The Ironmongery Direct conducted the research on 500 tradespersons, and it is concluded that they owe on an average £1,062. And, about 33 per cent claimed that they were waiting for over £1,000 from customers for completed jobs.
It is estimated that nearly two-thirds of traders have had payments withheld by customers. Also, these people face payment withhold issues twice a year. Further, one in ten tradesperson experience withheld payments more than five times a year.
However, only six per cent of traders are happy with timely payments by customers. In the survey it was found that the plumbers deal with payment problems the most while the landscapers experienced the fewest such issues.
Is there any withheld payments with other traders?
Yes, almost every trader be it electrician, gardener, or gas fitter experience payment delay or withhold payments for the completed job by customer.
- Builders: Builders are the person who owes the most, with an average of £1,300 withheld by customers. Around forty-five per cent of builders had over £1,000 of outstanding bills. Further, in the builder, the Bricklayers and carpenters are also experiencing similar withheld cash.
- Plasterers: It was found that the plasters owed the least payment with an average of about £535 cash.
- Female traders: One thing found in the survey is that female traders receive payment earlier than their male counterparts. However, women also found to be owed large payments.
Try to learn new techniques to grow your business and to overcome the issues like delay payment. You can take the help of the mobile revolution to bill customers online and get paid digitally. However, if the customer is trustworthy, withhold payment may be paid later by that client.