The industries that are best and worst at paying on time

Stockholm based fintech company Invoier, who recently launched Payment Time Index™, has mapped what industries in Sweden that are the best, as well as worst, at paying their suppliers on time.

The survey is nationwide and has mapped over 75,000 invoices and all SNI codes over the past 12 months. Excluded are industries that have had too little activity and could therefore be misleading. A weighted comparative figure demonstrates each industry's ability to pay faster or slower than the average for all industries.

The worst industries:
(days delayed after due date)

1. Manufacture of basic iron and steel and of ferro-alloys	(4,03)
2. Building of ships and floating structures	(3,90)
3. Repair of fabricated metal products	(2,45)
4. Manufacture of passenger cars and other light motor vehicles	(1,87)
5. Operations of sports facilities	(1,42)

The best industries:
(days early of due date)

1. 1. Performing arts	(6,82)
2. Growing of cereals (except rice), leguminous crops and oil seeds	(4,54)
3. Pre-primary education	(3,24)
4. Social work activities without accommodation for the elderly	(3,19)
5. Sale of cars and light motor vehicles	(2,99)

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– We note that industries that have been dependent on components which may have been delayed, such as the automotive industry, as well as those that have also been heavily affected by the pandemic's delayed shipments are those who are still latest with their payments. The new legal requirement for large companies' reporting of actual payment times may also have a greater effect in the coming months

Fredrik Mistander, CEO & Co-Founder Invoier

The importance of payments being made on time Late payments and long payment terms between businesses are a well-known problem, particularly for those running Swedish small and medium-sized enterprises with up to 249 employees. This creates an unhealthy competitive situation where smaller companies in practice have to act as financiers for the larger ones. For smaller companies, this frequently creates severe liquidity problems that hinder growth and new jobs. About the Payment Time Index™The payment time index has been developed by Invoier. It is updated continuously and is available in full via https://invoier.com/betaltidsindex/.

About Invoier

Invoier has developed Sweden's only market place for invoices. The company's purpose is to improve the financial conditions for small and medium-sized companies and promote transparency and access to fair and competitive capital. The market place enables market adjusted pricing for SME financing and growth, as well as introducing a new asset class to investors. Invoier was chosen out of 4 000 companies for the Invoier was chosen out of 4 000 companies for the EU innovation program Horizon 2020 and recently launched the first, green factoring service Green Factoringwhich financially rewards companies that are making efforts to improve the environment.

invoier.com