Over half (57%) of international businesses surveyed by Basware and MasterCard admit to having actively delayed paying their suppliers in the past 12 months. The findings underscore a late payment culture, which three out of four businesses now consider normal practice, and that is hampering in particular small and medium-sized enterprises (SMEs).
In order to break this cycle, Basware and MasterCard have combined their expertise and capabilities to launch . Basware Pay extends the value of the purchase-to-pay process by providing a unique, global e-payment solution.
The research
Over 1,000 strategic decision makers across Australia, Europe and the US participated in the Creating Payment Energy research. The results highlight the tension between cash management and efficient payment processes. Here are some of the top findings:
- While the vast majority (88%) of respondents agree that suppliers should be paid promptly, over half (57%) admitted to having actively delayed payments in the past 12 months.
- Three quarters (74%) of decision makers think late payment is a fact of business life and will always happen, despite 90% acknowledging that payment delays have wider repercussions for businesses, such as the ability to pay staff or reduce investment
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