Western European businesses are bracing for pressure on liquidity caused by late payments, according to the Payment Practices Barometer: Western Europe report from Credit Insurance company, Atradius.
53% of the total value of all commercial (B2B) invoices in Western Europe were reported overdue this year, an increase on last year's 47%. Write-offs also increased, from 7% to 10% of the total value of invoices in the region.
Andreas Tesch, Chief market officer at Atradius said:
"We expect global insolvencies to rise 33% in 2022. With such a large increase, the ways that businesses manage their credit risk will play a significant role in the quality of their accounts receivables, and in some cases could even impact their viability."
Samanthat White, CEO of My Credit Controllers added:
"In the face of increased insolvency risks in the market the best time to act is right now, not after your business already has problem invoices. Who is making sure your customers pay you on time? We're here to help your business implement best practice credit control and collect invoices on time every time."
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