Video: Addressing late payment culture

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Over half (57%) of international businesses surveyed by Basware and MasterCard admit to having actively delayed paying their suppliers in the past 12 months.  The findings underscore a late payment culture, which three out of four businesses now consider normal practice, and that is hampering in particular small and medium-sized enterprises (SMEs).  Read the full report

In order to break this cycle, Basware and MasterCard introduce Basware Pay, a solution that connects buyer and supplier payment processes and enables working capital optimization. It allows buyers to better manage their cash flow and allows suppliers to get paid sooner.

“When three quarters of businesses have more than 50 suppliers and about two thirds send and receive more than 100 invoices a month, a culture of late payments impacts individual organisations as well as the economy as a whole,” said Esa Tihilä, chief executive officer, Basware. “While a certain level of cash hoarding may be understandable given the financial climate, it also reflects inefficient processes and poor practices. Businesses have a responsibility to themselves and their supply chain to unlock value and keep money moving.”

View the video to hear more.