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SAN FRANCISCO – March 31, 2020 – Womply, a software and API company serving small businesses and app developers, today announced its partnership with #PayToday, a broad coalition of concerned businesses the goal to relieve the immediate and acute cash flow needs of small businesses resulting from the novel coronavirus (COVID-19) outbreak.
Womply joins the #PayToday initiative along with Alignable, Fundbox, Gusto, Homebase, Womply, SmallBizDaily.com and Small Business Edge. #PayToday’s objective is to give voice to the millions of small businesses that can’t wait to get paid for services they’ve already delivered to their customers, especially big enterprises and government agencies. #PayToday also encourages bold leadership from enterprises and government agencies, asking for a commitment to pay their small business vendors as quickly as possible.
“Every hour matters for small businesses that run on razor-thin margins. In addition to urgent government intervention, we need the private sector to come together in unprecedented solidarity,” said Toby Scammell, Founder and CEO of Womply. “We fully support this initiative to get small businesses paid faster so they can survive longer.”
According to a Womply survey of 2,300 small business owners, 1 in 5 local businesses would die within 30 days if sales stopped, and more than half would be dead within 90 days. Womply’s dynamic COVID-19 dashboard reveals dramatic declines in small business revenue across multiple business sectors nationwide, which puts millions of small businesses at risk of permanent closure if they don’t get urgent financial relief.
One significant contributor to the cash crunch is that small businesses have to wait on receivables. Local business owners have always operated with little spare cash on hand, and now, with the rapid and devastating impact of the coronavirus outbreak and related remediation efforts such as shelter-in-place orders and quarantines, many of them are in a dire financial situation.
A PYMNT’s study from 2019 shows that the average SMB waits 28 days to get paid. In total, small businesses are owed over $900 billion at any given time.
Even with the positive news of a new $2 trillion dollar stimulus package, CNN speculates that the earliest businesses could have access to these relief funds will be May. A recent MarketFinance survey also indicates that two-thirds of small businesses believe that government coronavirus funds won’t reach them in time to save their businesses.
“Small business owners are doing everything possible to earn income, keep their lights on, and retain their employees, despite unbelievably daunting circumstances,” said Alignable cofounder and CEO Eric Groves. “They need more help from their government clients, their local communities, and from any partners who might owe them money. That’s where our wholehearted support of #paytoday comes in — a campaign that will encourage big corporations to pay their vendors’ invoices today, instead of waiting 30 days or more. “
The #PayToday coalition invites all concerned companies to join our initiative and to help small businesses by paying them today. Small businesses, enterprises, and governments can find resources and specific ways to take action at www.PayToday.club.
#paytoday was started by concerned tech companies that serve small businesses. We saw the data and realized that if we didn’t do something, many small businesses wouldn’t survive more than a month after the coronavirus quarantines began. So, we started this movement: if everyone just paid the money they owed small businesses right away, it would inject a huge amount of capital into the small business economy and give them a runway to outlast the virus. Our goal is to raise the visibility of the problem and mobilize enterprises and governments to get on board before it is too late. To learn more about #PayToday, please visit: www.paytoday.club .
Womply’s mission is to help small businesses thrive in a digital world. Founded in 2011, Womply is the leading provider of data and software to local businesses and the top software partner to the payments industry. Our AI-powered data platform powers our CRM and marketing software, which serves more than 500,000 small businesses in every corner of America. In addition, Womply’s data platform helps innovative developers create more powerful software for businesses and consumers alike. To learn more, visit www.womply.com or email firstname.lastname@example.org.