Treasury & Risk Magazine
Just as suspected, companies are having a tougher time getting paid, according to new data showing that more invoices are paid late and disputes are increasing.
Two years ago, invoices were paid on average 7.2 days after the due date. That figure has almost doubled, according to credit and collections vendor Cortera’s database of 18 million U.S. companies. Industries with the slowest-paying customers are retail (19.6 days late on average), public administration (17.18) and manufacturing (16.02). The proportion of invoices sent to collection agencies grew 8.45% in February.
Some areas are worse than others. On Cortera’s map of the U.S., most of the West coast is an alarming shade of red. In California, 16.4% of payments were late in February. In Nevada, more than a fifth of payments are late.
"We rely on Cortera business information to make critical credit & collections decisions every day. We couldn't be happier with the results."
"Cortera has given us increased access to better information and has helped ensure that credit decisions are issued quickly and consistently."
