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UK companies reduce late payment days

Published on Tuesday, May 15, 2012

Research by Experian’s business research arm reveals that corporations have made the biggest reductions in late bill payment times, closely followed by mid-sized firms.

According to the report, UK companies on average paid their bills 24.7 days after agreed terms in Q1 2012, compared with 25.3 days in the same period last year.

Commenting on the positive research, Max Firth, UK Managing Director, says "Across the UK we have now seen two quarters of improving payment performance, which suggests that an increasing number of firms are creating and enforcing more robust credit management and collection policies."

Firth concludes, "The improvement seen by the UK's largest businesses is supported by the feedback we have had from some of our larger clients. They are keen to understand and address the impact of their payment behaviour on smaller suppliers, and are using payment performance data to find out where they are having the greatest impact and where things can be improved.

This is positive news for organisations across the UK, in particular, small businesses who rely on payments arriving in a timely fashion in order to stay afloat.

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