A survey into international credit trends shows that late payment is in danger of being a new corporate culture. According to a second annual survey of credit and finance professionals, more than 70 percent of leading international and UK suppliers are being paid late by their customers. Of those paying late 44.8 percent are paying later than 15 days – an increase of more than seven percent on last year.
The survey also reveals that 68.9 percent of the 218 respondents have had requests to extend payment terms over the last 12 months – compared with 59 percent in last year’s survey.
The report was undertaken by P&A Receivables Services Plc and the MSc Finance at Sheffield Hallam University Business School
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