Romania is one of the Eastern European countries with the lowest number of invoices paid on time, along with Greece, Russia, Bulgaria and Slovakia, despite the slight improvement in the number of payments made on time.
About three quarters of the invoices are paid in due time by the Romanian consumers, and companies have reduced their payment terms for both individuals and firms, according to a study commissioned by EOS KSI Romania, reports local Agerpres.
The payment behavior among Romanian consumers has slightly improved this year over 2016 in terms of invoices paid on time as companies have reduced their payment deadlines for both individual and company clients. Only 54% of B2B customers have payment terms of at least 40 days compared to 62% last year, EOS KSI Romania managing director Georg Kovacs said.
The level of unpaid claims has remained at 4% of the total invoiced amounts this year, similar to 2016. By comparison, the average level of unpaid claims in Eastern Europe is lower, namely 3%. The late payments represent, on average, 23% of the total invoiced amounts.
Romanian companies that have participated in this study consider that the main reasons why B2B customers don’t pay on time are the fact that their own customers don’t pay them (80%) and the use of credit lines from suppliers (69%).