BillGO’s inaugural Small Business Payments Pulse report reveals fragile finances for the backbone of the U.S. economy

BillGO, a payments technology company that helps small businesses get paid faster and more securely, today released new research examining the state of small business financial health. The study, The Small Business Payments Pulse, highlights how payment delays and fraud are impeding small business growth in 2025.

BillGO partnered with Ipsos, a leading global market research firm, to conduct a nationwide online survey of more than 250 small business owners and operators with 100 or fewer employees in the U.S.

The research reveals that while small businesses continue to invest in technology and talent, uneven cash flow remains a substantial obstacle to their growth. Small business owners report that late or inconsistent receivables can quickly derail operations. Fraud adds to this burden: 70% of the small-business respondents said payment fraud negatively impacted their cash flow, often raising costs, eroding financial stability, forcing businesses to miss payroll, and straining vendor relationships.

The survey found that:

• 92% said demonstrating stable cash flow to vendors is very or extremely important when accessing growth capital.
• 43% selected inefficient/inconsistent cash flow as their biggest challenge for their business in ensuring consistent funding.
• 49% stated that late customer payments were one of their biggest cash flow challenges.

“Small businesses are the backbone of the U.S. economy, and this research underscores both their resilience and the hurdles they face,” said Dan Holt, CEO of BillGO. “While small business owners continue to invest in their own futures, unpredictable cash flow and the growing burden of fraud can slow momentum. By shining a light on these issues, we aim to help drive the conversation toward solutions that give small businesses the stability they need to thrive.”

“Small businesses can’t afford to lose time or money to late payments and fraud. The findings of this report reflect what we hear from our customers every day: that predictable, secure cash flow is the difference between growth and survival,” said Kathy Menis, Head of BillGO Exchange. “Our focus is building solutions that prevent payment delays, reduce fraud risk, and give small business owners the reliability they need to plan with confidence and put their energy back into running and growing their businesses.”

The study, conducted in July 2025, excluded sole proprietors and independent contractors to focus on employer firms, where cash flow management has broader implications for payroll, vendor relationships, and loan eligibility. Respondents represented a range of industries, geographies, and company sizes, and all held financial authority within their organizations. No weights were applied to this study, and the findings reflect the opinions of these surveyed respondents only.

The full report is available here.

About BillGO

BillGO is the payments accelerator for small businesses, enabling thousands of small business customers to get paid faster, more securely and entirely digitally. In a U.S. market still dominated by $6 trillion in paper check payments each year, BillGO offers a modern, trusted alternative that strengthens cash flow and reduces payments fraud, delays and reconciliation headaches. With nearly 100,000 small business customers on BillGO Exchange and thousands more joining the network each month, BillGO is accelerating payments and helping small businesses operate with the speed, confidence and reliability they deserve. www.billgo.com.

About Ipsos

Ipsos (EPA: IPS) is one of the largest market research and polling companies globally, operating in 90 markets and employing nearly 20,000 people. Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 business solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques. “Game Changers” – our tagline – summarizes our ambition to help our 5,000 clients navigate with confidence our rapidly changing world. Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1, 1999. The company is part of the SBF 120, Mid-60 indices and is eligible for the Deferred Settlement Service (SRD). www.ipsos.com

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