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05 Nov 2010
LATE PAYMENTS have improved over the third quarter, according to credit specialists Experian which recorded a half day improvement in the speed with which invoices are paid.
Further reading
The figures reveal the average payment time contracted from 23.17 days to 22.61.
Large businesses with more than 500 employees remain the worst at paying up. Average time beyond terms is 35.31 days, though that is an improvement on the same time last year when the delay was 39.33 days.
Joe Myers, Head of Commercial Credit at Experian (pictured above), said: "Payment performance is marginally better than it was this time last year. News that the EU Parliament has approved a 30-day deadline for businesses to be paid may encourage organisations to take a closer look at their payment performance.
"Payment performance information is a great indicator of a company's financial health and all businesses should ensure they have a view of their customers' payment track records to help manage cash flow and assess credit risk."
| Employment |
Days Beyond Terms Q3 2010 |
Days Beyond Terms Q3 2009 |
% change from 2009 |
| 1-2 |
19.43 |
20.65 | -1.22 |
| 11-25 | 19.46 | 19.84 | -0.38 |
| 6-10 | 19.99 | 20.45 | -0.46 |
| 26-50 | 20.08 | 20.54 | -0.46 |
| 3-5 | 20.73 | 21.10 | -0.37 |
| 51-100 | 21.00 | 21.47 | -0.47 |
| 101-500 | 24.47 | 25.51 | -1.04 |
| 501+ | 35.31 | 39.33 | -4.02 |
| Unspecified | 28.49 | 29.79 | -1.30 |
| National Average | 22.61 | 23.17 | -0.56 |
Source: Experian
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