According to an infographic released by Invapay, a payments and working capital solution provider, late payment poses a real threat to Europe’s business growth. 69% of the companies do not believe their national government was doing enough to help protect businesses from the risk or harm of late payment and 88% of the European respondents stated that the main reason for being paid late was “financial problems being suffered by their debtors”.
On average, pan-European payment duration for consumers is 34 days in 2014 vs 36 in 2013, for businesses are 47 days in 2014 vs 49 in 2013 and for the public sector are 58 days in 2014 vs 61 one year before.
Nonetheless, respondents remain sceptic with 72% of respondents arguing that they have not seen a positive change in the last 3 months and 46% expecting late payment and non-payment to increase.
Invapay is a cloud-based self-service portal providing services to manage payments and working capital. Invapay settlement options include buyer funding, supply chain finance, and debit, corporate and p-card integration. The portal is multi-language, multi-currency, multi-tax and VAT compliant.
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