Home > Financial > No improvement in payments to Irish SME's

No improvement in payments to Irish SME's

Written by Robert McHugh, on 27th Apr 2017. Posted in Financial

article headline

The Irish Small and Medium Enterprises Association (ISME) have today released their Credit Watch Survey for the first quarter of 2017.

Credit days remain unchanged at 59 days from the last quarter of last year and Dublin businesses are waiting the longest to be paid.

Seventy percent of SMEs are experiencing delays of 2 months or more, marginally down from 71% in the fourth quarter of 2016.
 
Late interest is charged by only 4% of SMEs with 13% afraid to charge for late payments in case they lose custom. Dublin businesses wait longest on payment at 59 days, followed by businesses in Leinster. 
 
Eighty three percent of SMEs favour a statutory 30 day payments regime with no opt out.

Commenting on the results, ISME CEO Neil McDonnell said, "We need a change in attitudes to late payments in Ireland. We cannot accept 70% of businesses experiencing delays of 2 months or more in receiving payment. We call on all businesses to sign up to the Prompt Payment Code."

Source: www.businessworld.ie 

More articles from Financial

image Description

Master International Business Transactions with These Top Payment Systems!

Read more
image Description

Ireland was fastest growing economy in Europe in 2022

Read more
image Description

Irish budget position was strongest in euro area

Read more
image Description

6 in 10 Irish consumers have no extra money left at the end of the month

Read more
image Description

Inflation is the number one concern amongst Irish consumers

Read more