US News Invoices: Creditreform: Payment standards of German companies deteriorate significantly

19:11  05 december  2022
19:11  05 december  2022 Source:   handelsblatt.com

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in the construction industry, the payment morality is particularly bad. Due to increasing material prices and cancellations of orders, the delay in payment rose to 14 days on average.

Regional war die Zahlungsmoral in Nordrhein-Westfalen mit 12,3 Tagen Verzug am schlechtesten. Foto: dpahttp://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA14Vhu4.img?h=554&w=799&m=6&q=60&o=f&l=f © provided by Handelsblatt Regional, the payment morality in North Rhine-Westphalia was the worst with 12.3 days. Photo: Dpadata portal copyright =

The payment behavior of German companies has deteriorated significantly in the summer quarter. Despite Corona, the companies had paid their bills reliably and relatively on time in the past two years, explained the Creditreform business (Business Output Authority on Monday. "Now we see that the overlapping crises have left deep traces of the companies," said Creditreform chef economist Patrik-Ludwig Hantzsch.

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"We assume that liquidity is successively consumed, especially among small and medium -sized companies." While the figures for bankruptcies, over -indebtedness and the labor market are still positive, the payment morality is becoming increasingly negative. The cross -sectoral delay was 10.5 days between July and September, after 9.4 days in the third quarter of 2021.

there are big differences across the sector. "In the construction industry, companies pay the worst by far." Their delay in payment increased by 0.4 days to 14 days. The construction currently suffers from delivery bottlenecks and therefore also from increasing material prices and cancellations of orders.

In the case of consumer goods (7.5 days) and in retail (7.7 days), invoices were paid with significantly less payment. At 9.4 days, the metal/electrical area was also better than the average - but the industry deteriorated by 1.4 days within a year.

trend towards cashless paying, especially for younger

 trend towards cashless paying, especially for younger in Germany, is a trend for paying and coin, especially for younger people. In particular, the under 36-year-olds are becoming more and less common for cash: in 2019, 65 percent often paid in cash from this age group, this year it is still 35 percent. © Monika Skolimowska/DPA central picture/dpa no longer used in the future? Younger people like to do without cash.

there is also a gap. In particular, the companies in Bavaria (8.9 days), Baden-Württemberg (9.2 days) and Mecklenburg-Western Pomerania (10 days) paid the fastest in the third quarter, according to Creditreform. The worst was the payment morale in North Rhine-Westphalia with 12.3 days of delay as well as in Berlin (11.7 days) and Schleswig-Holstein (11.2 days).

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