Financial & Legal Challenges Persist
What’s in this report from Creditsafe:
Large businesses had the hardest time paying their suppliers in 2022, according to an analysis by online credit score provider Creditsafe, as firms of all sizes dealt with supply chain disruptions, higher operating costs and labor shortages.
Creditsafe’s analysis was based on proprietary data on payment speed, credit score, credit limits, legal filings and other credit risk information for businesses across 11 sectors.
Here’s a look at some of the key findings:
- Big businesses had the highest average number of days beyond terms, or number of days paying a supplier late (19), outpacing small businesses (18) and mid-tier ones (16).
- U.S. businesses faced more than 2.7 million legal filings, costing them a combined $54 billion in 2022.
- 93% of U.S. firms have a credit limit of less than $10,000.
