EOS Survey 'European Payment Practices' 2013
Germans and Russians are the most punctual payers
According to the results, an average of 74.8 per cent of Europeans pay their bills on time. Polish (70% of payments on time), Greek (70.2%) and British (70.2%) customers are the least reliable, while Germans (79.6%) and Russians (78.3%) are the most punctual payers.
Companies suffer from poor payment practises
Poor payment practices by customers have negative effects on many companies. The majority of those surveyed (60%) are negatively impacted by delayed payments or payment defaults. Companies across Europe were primarily affected by profit setbacks and cash flow problems.
Many decision-makers know by now that they have to take preventive measures to minimise negative impacts resulting from poor payment practices. A common method to nudge customers to more punctual payments is to shorten payment deadlines. On the whole, payment terms have been reduced on average from 35 to 32 days. This trend is particularly evident in Western Europe, where companies now allow their customers almost seven days less to pay their invoices compared with 2012.
Download the Study EOS Payment-Practices-in-Europe 2013.pdf