BillGO, a payments technology company, recently 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.”