Fifty-two per cent of UK businesses have encountered problems with foreign payments in the last year, according to Travelex Global Business Payments (GBP).
The study discovered that the effect was that as much as a month a year was then needed to manage and reconcile the funds. Carried out amongst finance directors of UK businesses that trade internationally, the study found that the biggest barrier to international trade is the time payments take to clear, with nearly half of businesses (44%) citing this as a priority problem.
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