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International Debt Collection : Avoid the rising international late payment crisis with debt collection international services
According to a recent study, international business late payments are set to rise across Europe. In this blog, we look at the reasons why an international business late payment rise is predicted and how international debt collection may be able to support businesses in the UK.
The European Payment Report
In the 24th edition of the Payment Report, the report explores how late payments are impacting the financial forecast of over 11,000 companies in 29 countries in Europe. The current economy in Europe is undeniably turbulent due to a mixture of factors including Brexit, slow post-pandemic market recovery and the Ukraine war. Some of the key findings and statistics outlined in the report include:
Interest rates and inflation
Rising energy and fuel prices have caused inflation rates to rise to levels not seen for years in many locations in Europe. 58% of surveyed businesses admitted they lack sufficient experience to manage inflation and 51% agreed that inflation was preventing them from growing their business. 6 in 10 businesses stated they felt concerned about the risk of late payments that are growing this year due to inflation
For businesses looking to build and maintain financial stability, cash flow and credit risk management were identified as strategic priorities, with 8 in 10 businesses agreeing with these priorities. One of the most significant factors impacting cash flow for businesses is late payments with the majority of businesses (53%) confessing they would like to improve how they handle late payments but find this impossible or difficult to do internally due to a lack of resources and knowledge.
Across Europe, late payments are stunting the growth and development of many businesses with 4 in 10 businesses revealing that late payments are hindering the growth of their company. 2 in 3 businesses also agreed that faster payments from customers would support and enable them to expand their businesses.
How debt collection international services can help
One recurring factor that the European Payment Report identified is the detrimental impact late international business payments can have on a business, impacting both its cash flow and growth. Thankfully, businesses in the UK can benefit from international debt collection services that protect their cash flow whilst maintaining positive relationships with clients and partners across Europe.
If you think your business may benefit from international debt collection, get in touch with our debt collection team today and we’d be happy to discuss our services in greater detail with you.
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