England reaches semi-finals but crashes out of Late Payments World Cup
Whilst England deserves enormous credit for having reached the World Cup semi-finals for the first time since Italia 90, the nation is sadly languishing in the late payments table.
According to supply-chain analysis from business intelligence firm Creditsafe, England’s payment performance, which stands at 16 days beyond agreed terms, fared worse than every European nation except Portugal. The average Days Beyond Terms (DBT) is 19.4 days.
Saudi Arabia is rooted to the foot of the table, finishing in last place with 48 days beyond terms.
Despite their World Cup defeat to Belgium in the quarter-finals, Brazil have run out winners of the Late Payments World Cup, ahead of Iceland, Sweden and Germany. While the gloom on the streets of Rio de Janeiro remains, Brazil’s performance in terms of supplier payments leads the world at just 4.3 days beyond agreed payment terms.
Jenny Oldfield, CEO of Veritas Commercial Services said: “Looking beyond the headline, there is a serious underlying point here that there is still much to be done to significantly change the credit culture in this country as well as overseas. Recent figures from the FSB suggest a third of small businesses receive at least a quarter of their payments owed beyond the agreed date. Only 4% of small business owners surveyed believed payment practice was improving, which is a real indictment of the state of the nation when it comes to payment performance.”
“To extend the football analogy, it’s what happens on the pitch that counts. A pragmatic and professional credit management team is able to create a positive culture and this in turn has the ability to transform working capital performance for businesses.”Back
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B2B Credit Control - Instalments & Late Payment Interest"Historically repayment plan arrangements have been limited to the odd customer with cash flow issues, it is now more prevalent and credit control software needs to adapt to deal with that, free up the credit controllers time and provide accurate management information”. Janice Megram, Client Services Director, Veritas Commercial Services.