Irish firms lose 51 days a year chasing late payments – at a cost of €2.8bn
Irish businesses are spending over 51 days per year – a fifth of the working year – chasing late payments, according to the annual European Payment Report (EPR) from credit management services provider Intrum.
Surging costs causing Irish consumers to cut back on sustainable choices
Intrum’s 2022 European Consumer Payment Report, published today (24 Nov.), paints a gloomy picture of consumers’ financial wellbeing and economic outlook. With rapidly increasing costs of living, consumers are cutting back on sustainable goods and services to manage their household finances.
Pandemic forces firms to crack down on late payment
Today, Intrum launches the sixth edition of the European Payment Report 2021* for Ireland. With nearly half of the surveyed companies saying they are lucky to have survived 2020, many have taken the opportunity to tighten payment terms and focus on liquidity. However, most businesses admit that they rarely think about the impact of their own late payments on small firms.
“Covid-19 has exacerbated the problem of late payment for many small and medium-sized businesses” – Eddie Nott, Ireland Managing Director, Intrum
Eddie Nott, Ireland Managing Director, Intrum, gives guidance on how to collect outstanding payments in difficult times. Intrum is a global credit management specialising in debt collection and ledger management with 10,000 employees and 80,000 clients across 25 countries.
Intrum releases White Paper
For almost 20 years Intrum has produced Europe’s largest collection of data about consequences for businesses in regards to late or non-payments; the European Payment Report. The data is frequently used by the European Commission as well as by governments across Europe.
Community based innovation won the Intrumhack challenge
Intrum organized a hackathon in collaboration with Tieto, IBM and Nordic Finance Innovation to create innovations to improve individual consumer’s financial wellbeing.