Faster payments: five reasons why they matter
As part of Intrum’s 2022 European Payment Report, we asked more than 11,000 businesses what they could achieve if they were paid more quickly. Here’s what they told us they could do…
1. Pay their own suppliers faster
Late payment often works in a chain, squeezing those further down the process – a whopping 70 per cent said faster payments would help them pay others more quickly too.
2. Improve sustainability performance
67 per cent said they’d have more money for environmental, social and governance improvements, making life better for everyone.
3. Expand product and service offerings
Innovation requires investment and 66 per cent of the businesses we spoke to said faster payments would make all the difference.
4. Hire more employees
Prompt payments equal healthy businesses, creating jobs for people. Almost half (47 per cent) said they’d create more jobs if they were paid on time. That’s a lot of jobs.
5. Pursue digital innovation
Faster payments fund the future… if businesses are paid on time we’ll get where we’re going more quickly. That’s according to 46 per cent of the 11,007 businesses surveyed.
Securing prompt payment isn’t just about one business. It’s about all of us. Intrum: Leading the Way.
Read the full report
The insights from this article are based on the European Payment Report 2022. You can download the full report below.
