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Businesses experience delays in payment

Based on our recent credit watch findings, credit days for this quarter (Q2’18) have worsened from 52 to 55 days. Businesses in Ulster are waiting longest to be paid at 64 days, well above the national average of 55 days. While the Manufacturing and Construction sectors are waiting longest on payment; an average of 63 and 69 days respectively. The Association has called for a change in attitude when it comes to paying each other.

Chief Executive Neil McDonnell has said “There needs to be a change in our attitude when it comes to paying creditors. Our latest on Credit Watch paint a negative image for big business when paying SMEs. 41% are taking longer to pay, which is unacceptable. Few small businesses have the same working capital buffers that big businesses enjoy, and can’t wait to get paid”.

The Association called on Government to;

  • Actively publicise, promote, and champion the Fair Payment Code for all businesses.
  • Insist on adherence to Fair Payment Charter as criterion for granting state contracts.
  • Insist that all state agencies adhere to the 15 day rule.
  • The office of Government Procurement should require all tenderers to publicise their creditor days.