According to a recent survey if you want most of your customers to pay up on time you need to move to Northern England where most of the cities rated above average in meeting payment deadlines are located.
The survey carried out by account software firm FreeAgent found that the national average of on time invoice payments was an extremely poor 52%. The good news to come out of the survey was that 86% of invoices were paid on time by firms in cities such as Manchester.
Manchester was followed by Leeds (81%) and York (72%) even though York which certainly goes against the stereotype of Yorkshire people liking to hold on to their cash. The saying “a Yorkshireman is a Scotsman with all the generosity squeezed out of him” certainly needs to be revisited and perhaps applied to one city in Cheshire. Chester along with Sheffield and Stoke-on-Trent were the worst cities in the UK for late payments.
Ultimately it is far better for everyone in the business ecosystem to pay their bills on time rather than leave their suppliers struggling with cashflow issues. The national average of only just over half of companies paying their invoices on the due date stands as a poor reflection of the way many companies do business in the UK.