In a statement, Basware says the result “underscores a late payment culture” which now is bordering on ‘normal practice’ amongst decision makers.
In evidence of this, they found 74 per cent of respondents said late payments were simply a ‘fact of life,’ while 90 per cent acknowledged the wider implications like paying staff and slowing suppliers growth.
The problem, says Esa Tihilä, CEO of Basware, is one of inefficiency. “A certain level of cash hoarding may be understandable given the financial climate, but this ultimately reflects inefficient processes and poor practices.
“Businesses have a responsibility to themselves and their supply chain to unlock value and keep money moving.”
President of MasterCard Enterprise Partnerships Hany Fam said: “More than ever, global businesses rely on a complex network of partners and suppliers, and the ability to interact with agility is key to taking advantage of a fast moving environment.”
Share this story