European Payment Report 2023

The report is based on a survey that was conducted simultaneously in 29 European countries between the end of November 2022 and March 2023. A total of 10,556 companies across 15 industries in Europe participated in the research. The full report was released on 23 May 2023.

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Inflation squeezes revenues and growth

Inflation and rising interest rates are hitting businesses hard, with 59% expecting revenue declines.90% of businesses in the UK and Finland face rising demands for pay increases. Companies are prioritizing cost-cutting, with 72% delaying growth plans across Europe. The strain on budgets is slowing growth and limiting investment.

Breaking the late payments cycle is critical

Late payments are worsening across Europe, with 3 in 4 large companies extending payment terms in 2023. In Estonia and Latvia, 69% of businesses struggle to pay suppliers on time, creating a vicious cycle. As a result, 37% businesses now admit to delaying payments to their own suppliers.

Chasing payments costs Europe €275 billion annually

Late payments cost European businesses €275 billion each year, equivalent to Finland’s GDP. Finland, Poland, and Germany spend the most time chasing payments, with Finnish companies dedicating an average of 83 days a year to this task.

“The risk is that wage increases add to the inflationary pressure, as companies will transfer at least some of their increased costs to the prices they charge for goods and services.”

Anna Zabrodzka-Averianov, Senior Economist, Intrum

Other editions:

European Payment Report 2024

The 2024 report is based on insights from 9,255 executives across 25 European countries. This years' findings shows corporate cost-cutting at a four-year high despite growing economic optimism. Businesses are losing more than a quarter of the working year (73 working days) chasing late payments.

Country Snapshots White Paper 2023

The Country Snapshots White Paper provides detailed country-specific insights on payment behaviors across Europe. Discover how inflation, payment gaps, and sustainability challenges vary between regions, offering an in-depth supplement to the main European Payment Report.

European Payment Report 2023

European Payment Report 2022

Discover key findings from the European Payment Report 2022, covering the impact of inflation, cash flow management, and the importance of ESG in business payment practices. Learn how European companies are navigating economic uncertainty.

European Payment Report 2021

Discover the key findings from the European Payment Report 2021, including the impact of late payments on business growth, cash flow management, and how faster payments drive innovation and sustainability.

European Payment Report 2020

Discover key insights from the European Payment Report 2020, including the rising risk of late payments, widening payment gaps, and business strategies to cut costs and prepare for recession in an uncertain economic landscape.

White Paper 202: Covid-19 Special Edition

This White Paper, released in May 2020, comes as an additional publication to the European Payment Report 2020. The insights are based on data from 9,980 companies across 29 European countries and delves into how the Covid-19 pandemic has dramatically impacted the European payments landscape.