RegulationBusiness RegulationLate payments improve…just

Late payments improve...just

Experian figures show that average payments time have marginally improved in the last quarter

Joe Myers Experian head of commercial credit

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.

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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