Companies Form #paytoday Initiative To Encourage Payment to Suppliers

A coalition of businesses including Alignable, Fundbox, Gusto, Homebase, Womply, SmallBizDaily.com, Actual.Agency, Business.com and Small Business Edge have announced the #paytoday initiative; the goal is to relieve the immediate and cash flow needs of small businesses; it encourages customers to pay for services they have received as soon as possible; data shows that small businesses are quickly running out of money with 37% of SMB’s having 30 days or less of cash on hand and two-thirds of businesses having less than 60 days of cash; part of this crunch is related to having to wait on receivables; it is expected that many businesses won’t receive money from the stimulus package until May. GlobeNewswire

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