Late payments have escalated since the onset of the coronavirus pandemic, reveals the latest UK Payment Practices Barometer by leading trade credit insurer Atradius.
The new Atradius report reveals that nearly half the value of B2B bills are being paid late, while half of the businesses surveyed have been hit by revenue loss and for every £100 of products or services sold, £8 is written off as uncollectable.
*Sales on credit*
The Atradius UK Payment Practices Barometer reports as much as 60% of the total value of B2B sales in the UK are made on credit with 43% of businesses increasing the amount of sales made on credit by one third since the pandemic began. The primary reason for offering credit is to stimulate...