Financial Services Payment Practices Improve Marginally: Up 1.4 Points to 85.2 in 2024

The Comparison

Here's a look at the core data points comparing financial services payment practices in 2023 and 2024:

• 2023: A study of 500 companies yielded an average payment practice score of 83.7 out of 100.
• 2024: The same study, now encompassing 527 companies, reported an average score of 85.2 out of 100.

What This Means

The overall improvement in payment practices, reflected by a 1.4-point increase, suggests a slight positive trend in the financial services sector's approach to timely payments; it's an improvement, but a modest one. With the increase in the number of companies surveyed, it could be argued that this improvement in payment practice scores is even more meaningful, indicating a broader positive shift across the sector, even if marginal. Understanding the impact of late payments on cashflow is crucial; use this late payment calculator.

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In 2024, 527 financial services companies averaged a payment practice score of 85.2, compared to 83.7 for 500 companies in 2023.