When the going gets tough, the tough stop settling up — at least that’s what many firms are finding when it comes to their customers.
According to a recent Progressive Business Publications survey, 96% of businesses said their customers have been “stretching payments in the past 3 months.”
And it’s not just a day or two. The amount of time customers are stretching their payments by ranges from six6 to 30-plus days.
Check out the chart below for a more detailed breakdown of late-paying customers’ habits.
Of course, late or unsteady payments is one of nine major warning signs that could signify major problems for your customer down the road.
For a detailed list explaining the nine signs your customer is going under — and what you can do about it — click here.