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The Corona Crisis Is Changing The Payment Behavior Of Companies In Germany
The corona crisis is changing the payment behavior of companies in Germany. As Coface's latest survey shows, companies there are more cautious in offering payment terms.
Yazar: Tom Roberts
Yayınlanma: 18 Ekim 2020 01:27
Güncellenme: 7 Kasım 2024 07:42
The Corona Crisis Is Changing The Payment Behavior Of Companies In Germany
The corona crisis is changing the payment behavior of companies in Germany. As Coface's latest survey shows, companies there are more cautious in offering payment terms. "It is difficult to assess whether the lack of payment terms is solely due to the effects of COVID-19 or whether it is already part of a general 'new normality'. The answer will probably be given by developments in the coming years, "thinks Ján Čarný, Coface's General Manager for the Slovak Republic and the Czech Republic.Half of companies require payments within 30 days
At the same time, the preference for shorter payment terms has increased. Half of the companies surveyed require payments between 0 and 30 days. The requirement for payment discipline has been significantly strengthened. While 85 percent of companies had experience with late payments last year, this year it is 68 percent. Although the lag decreased by one day for all respondents on average between 2019 and 2020, the outlook for sectors differs significantly. "For example, payment delays in the pharmaceutical sector decreased by almost one week to 27 days between 2019 and 2020. In contrast to this positive example, there has been an increase in delays in the automotive industry. The period was extended by up to 20 days, "Čarný explained.Exporters at risk
According to him, the prospects for the future are very negative and the automotive industry is the most pessimistic. According to the survey, the main risks for exporters have also changed significantly. "While last year the US-China trade war was the number one risk, this year is only on the edge of the spectrum of concerns. Instead, up to 3 out of 4 companies identified COVID-19 and its effects as the main risk to the global or German economy," said Čarný. As many as 91 percent of respondents expect that the domestic market will be better than the foreign market for the sale of their products. Last year, 82 percent thought so. Despite this, 39 percent of companies believe in better business conditions this year, 14 percent remain pessimists. Coface operates in the areas of credit insurance, risk management and the global economy. It conducted the survey in July and early August 2020. It was attended by 753 large, medium and small companies across sectors of the economy.İLGİLİ HABERLER
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