Payment Practices See Marginal Improvement: Average Score Rises From 60.1 to 62.5

The Comparison

Here's a data-driven snapshot of payment practices across commerce models in 2020 and 2021:

• Number of Companies Surveyed:
  • 2020: 204 companies
  • 2021: 231 companies
• Average Payment Practice Score (out of 100):
  • 2020: 60.1
  • 2021: 62.5
• Overall Change:
  • Improvement of 2.4 points between 2020 and 2021.

What This Means

The data indicates a slight improvement in payment practices, evidenced by the 2.4-point increase in the average score. While the increase in the number of surveyed companies from 204 to 231 suggests a broader dataset, the limited improvement in the average score indicates that notable and widespread adjustments to payment practices have not taken place in this time. Businesses may find it useful to estimate the potential impact of late payments using a late payment calculator.

One-line summary: Payment practices improved only slightly from 60.1 in 2020 to 62.5 in 2021.