Payment discipline in Slovakia improves

The improvement in the services sector may bring several positive impacts.

Illustrative stock photoIllustrative stock photo (Source: SME)

The payment discipline of corporate clients improved the most significantly last year in case of clients in services. Their overdue invoices were paid 17 days late on average, down by 10 days compared with the previous year.

This stems from the representative EOS study European Payment Practices for 2016, the SITA newswire reported.

In trade, overdue invoices were settled 19 days late on average, while a year earlier it was 21 days. In industry, it was 19 days late for the year 2016 compared to 22 days in the previous year.

Overall, invoices in the Business to Business (B2B) segment in Slovakia were paid on average within 18 days last year, down from 23 days in 2015.

“Such a shift in the payment discipline of clients paying for services rendered can stimulate mutual trade, improve cash flow and the financial situation of Slovak companies,” said Michal Šoltés, managing director of EOS KSI Slovensko, which deals with the management of receivables, as quoted by SITA.

Overall, there has been an improvement in reducing the number of days for paying overdue invoices, which is positive, he added.

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