Northern Ireland

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Payment practices in Northern Ireland, based on data from 109 companies, indicate a mixed picture. The average payment time stands at 38.58 days. This suggests that, on average, companies in Northern Ireland take longer than the standard 30-day payment term to settle invoices. While 47.64% of payments are made within 30 days, it highlights that a significant portion experiences delays. A concerning late payment rate of 25.36% reveals that over a quarter of invoices are not paid according to agreed terms, potentially creating cash flow problems for suppliers.

Comparatively, anecdotal evidence suggests that Northern Ireland's payment terms are typically in line with the UK average. However, this data suggests the region may experience slightly longer payment times and a higher incidence of late payments than other regions, which may require further investigation. The economic and business context in Northern Ireland, often characterised by a higher reliance on SMEs and the potential impact of Brexit-related uncertainties on supply chains, could be contributing factors.

Suppliers should be aware of the potential for delayed payments and the relatively high rate of late payments. Robust credit management practices, including thorough due diligence on customers, clear payment terms outlined in contracts, and proactive invoice chasing, are crucial. Establishing strong relationships with clients and understanding their specific payment cycles can also help mitigate risks.

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