How long do small businesses wait to get paid?

Xero Small Business Insights shows US small businesses waited 29.7 days on average in the September 2026 quarter and were paid 8.6 days after the due date. Intrum's European survey puts the average wait at 63 days, 20 days beyond agreed terms, and Coface found average UK payment terms reached 57 days in 2026.

What is a typical days sales outstanding (DSO)?

Allianz Trade puts global payment terms, measured as DSO, at 56.5 days in 2025 across listed companies. The Hackett Group found DSO at large European companies was 48.5 days in fiscal 2024 and that DSO at large North American companies worsened by 2.1 days in fiscal 2025.

How do late payments affect small business cash flow?

Intuit QuickBooks found 39% of US small business owners said one late payment made payroll or bills hard to cover, and 42% delayed payments to their own suppliers. Intrum found 62% of European businesses pay suppliers late when their customers pay late, and the UK government estimates late payment costs the economy almost £11 billion a year.

Do businesses still pay each other by check?

Less often. The Federal Reserve Bank of Cleveland estimates checks fell to 13% of US business-to-business payments by number in 2024, while ACH rose to 41%. Almost 90% of businesses still use checks for at least some payments.

Is e-invoicing mandatory?

In some countries it now is. Belgium has required structured e-invoices between VAT-registered businesses since 1 January 2026, and the EU's VAT in the Digital Age package applies digital reporting to cross-border business transactions from 1 July 2030. In 2023, 37% of small EU companies sent e-invoices, per the European Commission.

Statistics · 52 sourced figures

Late Payment Statistics 2026

This page collects figures on how often invoices are paid late, how long businesses wait to be paid, days sales outstanding, the cash flow cost for small firms, the payment methods businesses use and the e-invoicing and payment rules now coming into force. It covers the United States, the United Kingdom, the European Union, Canada and Australia, mostly with data from 2025 and 2026. Each figure names its publisher and the year it describes.

By the KeenVerdict research desk · Updated November 6, 2026 · 52 figures from 27 sources

The short answer

Late payment is still routine: UK large businesses paid 15% of invoices late in 2025, Atradius found late payments affected 22% of US business-to-business receivables in 2026, and Intrum found European businesses wait 63 days on average, 20 days beyond agreed terms. Small firms carry the strain, with Intuit QuickBooks reporting that 59% of US small businesses had invoices overdue by 30 days or more in 2026 and the UK government estimating that late payment costs the economy almost £11 billion a year.

Key figures

15%Large UK businesses paid 15% of their invoices late in 2025, down from 25% in 2018, according to official payment practices statistics.Department for Business and Trade
52%52% of European companies said they had problems because of delayed payments in 2024, the highest share in any year the EU Payment Observatory has analysed.European Commission
59%59% of US small businesses surveyed by Intuit QuickBooks had at least some invoices overdue by 30 days or more in 2026, up from 47% a year earlier.Intuit QuickBooks
63 daysEuropean businesses waited 63 days on average to be paid in 2026, 20 days beyond agreed terms, according to Intrum's European Payment Report.Intrum
8.6 daysUS small businesses were paid an average of 8.6 days after the due date in the September 2026 quarter, per Xero Small Business Insights.Xero
£11 billionLate payments cost the UK economy almost £11 billion a year, according to the UK government's 2026 response to its late payment consultation.Department for Business and Trade
13%Checks fell from 32% of US business-to-business payments by number in 2015 to 13% in 2024, according to the Federal Reserve Bank of Cleveland.Federal Reserve Bank of Cleveland
37%37% of small EU companies sent e-invoices in 2023, more than 20 points below large companies, according to a European Commission report based on Eurostat data.European Commission

Our reading of the data

How common late payment looks depends on who is measured. Official UK data from the Department for Business and Trade shows large businesses paid 15% of invoices late in 2025, down from 25% in 2018. Surveys of suppliers paint a harsher picture: Coface found 89% of UK companies faced payment delays in 2026, the EU Payment Observatory found 52% of European companies had problems from delayed payments in 2024, and Intuit QuickBooks found 59% of US small businesses had invoices more than 30 days overdue in 2026, up from 47% a year earlier.

Time to get paid is drifting up rather than down. Intrum puts the average European wait at 63 days, 20 days beyond agreed terms, and Xero Small Business Insights shows US small businesses were paid 8.6 days late in the September 2026 quarter. Among large companies, Allianz Trade puts global payment terms at 56.5 days and The Hackett Group found days sales outstanding worsened by 2.1 days at the largest North American companies. Australia is the exception with improving official data: the Payment Times Reporting Regulator found 69.8 per cent of small business invoices were paid within 30 days.

Small firms feel the gap in their own cash. In the QuickBooks report, 39% of owners said one late payment made payroll or bills hard to cover, and Intrum found 62% of European businesses pay their own suppliers late when customers pay them late. The Federal Reserve Banks found meeting operating expenses was the top reason employer firms sought financing in 2025. The UK government links late payment to 14,000 business closures a year.

Payment rails and invoice formats are changing. The Federal Reserve Bank of Cleveland estimates checks fell from 32% to 13% of US business-to-business payments by number between 2015 and 2024, while ACH rose to 41%. E-invoicing is moving from optional to mandatory in Europe: Belgium required structured e-invoices between VAT-registered businesses from January 2026, and the EU's VAT in the Digital Age package sets digital reporting for cross-border trade from July 2030. The UK plans a 60-day cap on payment terms.

How many invoices and businesses are paid late

1.15%
Large UK businesses paid 15% of their invoices late in 2025, down from 25% in 2018, according to official payment practices statistics.
Department for Business and Trade, Large businesses' payment practices and performance statistics 2025: commentary (Jul 2026)
Source quote
In 2025, large businesses paid 15% of invoices late, down from 25% in 2018, a 10 percentage point decrease
2.22%
In the United States, late payments affected an average of 22% of business-to-business receivables in 2026, according to an Atradius survey of US companies.
Atradius, B2B payment practices trends in the US 2026 (Sep 2026)
Source quote
In the US, late payments affect an average of 22% of B2B receivables, also broadly in line with the wider region.
3.55%
55% of US suppliers surveyed by Atradius in 2026 said their business customers delayed invoice payments.
Atradius, B2B payment practices trends in the US 2026 (Sep 2026)
Source quote
In the US, 55% of suppliers report B2B customers delay invoice payments.
4.25%
Late payments affected about 25% of invoiced business-to-business turnover in the UK in 2026, slightly below the Western European average, according to Atradius.
Atradius, B2B payment practices trends in the UK 2026 (May 2026)
Source quote
These delays affect about 25% of invoiced B2B turnover in the UK, slightly below the Western European benchmark.
5.52%
52% of European companies said they had problems because of delayed payments in 2024, the highest share in any year the EU Payment Observatory has analysed.
European Commission, EU Payment Observatory: Annual Report 2025 (Jul 2026)
Source quote
In 2024, late payments appear to have a greater impact than in any other analysed year, with 52 % of European companies indicating that they have had problems due to delayed payments.
6.47%
In 2024, 47% of surveyed EU companies were affected by late payments from other businesses and 16% by late payments from public authorities.
European Commission, EU Payment Observatory: Annual Report 2025 (Jul 2026)
Source quote
Looking at the figures in more depth, in 2024, 47 % of surveyed companies claimed to be affected by late payments from other businesses, while 16 % indicated having had issues with payment delays from public authorities.
7.89%
89% of UK companies surveyed by Coface reported payment delays in the year to mid-2026.
Coface, 2026 United Kingdom Payment Survey: UK firms stuck in survival mode as payment delays hold back growth ambitions (Sep 2026)
Source quote
Late payments remain widespread, with 89% of UK companies reporting delays during the past year.
8.82%
82% of German companies surveyed by Coface experienced payment delays over the twelve months to 2026, the highest level since 2019.
Coface, Germany: Payment delays reach their highest level since 2019 despite improving economic outlook (Oct 2026)
Source quote
82% of companies experienced payment delays over the past twelve months, the highest level since 2019.
9.12.13%
European businesses said 12.13% of their total revenues were paid late by customers in 2026, above the 12.08% they consider manageable, according to Intrum's survey of 8,385 businesses in 20 countries.
Intrum, European Payment Report 2026 (Apr 2026)
Source quote
The maximum proportion of businesses’ total revenues that could be received late without impacting their ability to operate is 12.08 percent, but this threshold has already been crossed; on average, respondents say 12.13 percent of their total revenues are paid late by customers.
10.59%
59% of US small businesses surveyed by Intuit QuickBooks had at least some invoices overdue by 30 days or more in 2026, up from 47% a year earlier.
Intuit QuickBooks, 2026 Small Business Late Payments Report (Jul 2026)
Source quote
Nearly 3 in 5 businesses (59%) say at least some of their invoices are overdue by 30 days or more, up from 47% last year.
11.22%
For 22% of US small businesses in the 2026 QuickBooks survey, at least 20% of invoices were unpaid more than 30 days after issue.
Intuit QuickBooks, 2026 Small Business Late Payments Report (Jul 2026)
Source quote
And for 1 in 5 businesses (22%), it runs deeper than a few stragglers: at least 20% of their invoices are sitting unpaid past that 30-day mark.
12.28%
About 28% of UK businesses, an estimated 1.54 million firms, were affected by late payment, according to research published by the UK government in 2025.
Department for Business and Trade, Late payments research: impact on the UK economy (Jul 2025)
Source quote
Approximately 28% of businesses indicated that they were affected by late payment (they took at least one of the actions in the table above).

Payment terms and time to get paid

13.32 days
Large UK businesses took a median 32 days to pay their suppliers in 2025, down from 35 days in 2018.
Department for Business and Trade, Large businesses' payment practices and performance statistics 2025: commentary (Jul 2026)
Source quote
The line graph in Figure 1 shows that large businesses’ average time to pay was 32 days in 2025.
14.29.7 days
US small businesses waited an average of 29.7 days to be paid in the September 2026 quarter, according to Xero Small Business Insights.
Xero, Xero Small Business Insights: United States (Oct 2026)
Source quote
Small businesses waited an average of 29.7 days to be paid in the September quarter, only slightly longer than the June quarter (29.3 days) - although the month of June result (30 days) was the longest since March 2024.
15.8.6 days
US small businesses were paid an average of 8.6 days after the due date in the September 2026 quarter, per Xero Small Business Insights.
Xero, Xero Small Business Insights: United States (Oct 2026)
Source quote
Small businesses were paid 8.6 days late in the September quarter, similar to the June quarter (8.5 days).
16.8.0 days
UK small businesses were paid an average of 8.0 days late in the September 2026 quarter, up from 7.6 days in the June quarter, per Xero.
Xero, Xero Small Business Insights: United Kingdom (Oct 2026)
Source quote
Average late payments in the September quarter were 8.0 days, compared to 7.6 days in the June quarter.
17.63 days
European businesses waited 63 days on average to be paid in 2026, 20 days beyond agreed terms, according to Intrum's European Payment Report.
Intrum, European Payment Report 2026 (Apr 2026)
Source quote
Businesses wait 63 days on average, 20 days beyond agreed terms.
18.57 days
Average payment terms in the UK reached 57 days in 2026, six days longer than in previous years, according to Coface's UK survey.
Coface, 2026 United Kingdom Payment Survey: UK firms stuck in survival mode as payment delays hold back growth ambitions (Sep 2026)
Source quote
However, average payment terms are now six days longer than previous years, standing at 57 days, making them among the longest reported in Europe.
19.41.2 days
In France, 89% of businesses had late payments in the twelve months to 2026 and the average delay reached 41.2 days, according to Coface.
Coface, Late payments in France: 89% of businesses affected, a record high (Sep 2026)
Source quote
The results reveal a further deterioration: 89 % of businesses have experienced late payments over the last twelve months, and the average delay now stands at 41.2 days.
20.60.3
Average payment periods in the EU were 60.3 days between businesses and 69.8 days for public authorities in 2024, according to the EU Payment Observatory.
European Commission, EU Payment Observatory: Annual Report 2025 (Jul 2026)
Source quote
Average payment periods exceed 60 days for both B2B (60.3) and G2B (69.8) , with public authorities paying on average 9.5 days later than businesses.
21.69.8 per cent
Large Australian businesses paid 69.8 per cent of small business invoices within 30 days in the second half of 2025, up from 68.0 per cent in the previous reporting cycle.
Payment Times Reporting Regulator (Australia), Regulator's update August 2026 (Aug 2026)
Source quote
In Reporting Cycle 10, the average proportion of invoices paid within 30 days increased to 69.8 per cent, compared with 68.0 per cent in Reporting Cycle 9.
22.55 days
Paying 95 per cent of small business invoices took large Australian businesses 55 days in the second half of 2025, close to double the typical 29-day payment term.
Payment Times Reporting Regulator (Australia), Regulator's update August 2026 (Aug 2026)
Source quote
However, to reach 95 per cent of small business invoices paid, it took 55 days.
23.55%
55% of US small businesses on net-30 terms had overdue invoices in 2026, compared with 26% of those asking for immediate payment, per Intuit QuickBooks.
Intuit QuickBooks, 2026 Small Business Late Payments Report (Jul 2026)
Source quote
More than half (55%) of businesses on net-30 terms have overdue invoices, compared to 26% of those on immediate terms.

Chart

Days large UK businesses took to pay suppliers, slowest and fastest regions, 2025

Median time to pay from reports filed by large UK businesses under the payment practices reporting rules, 2025.

East Midlands38
West Midlands38
London27

Source: Department for Business and Trade, Large businesses' payment practices and performance statistics 2025: commentary

Days sales outstanding, working capital and bad debt

24.56.5 days
Global payment terms, measured as days sales outstanding, rose slightly to 56.5 days in 2025 and have been stable at that level since 2022, according to Allianz Trade's study of listed companies.
Allianz Trade, DSO Report 2026: Global cash conversion cycle (Jul 2026)
Source quote
Meanwhile, DSO is not adding extra pressure on corporate cash flow: global payment terms increased slightly to 56.5 days (+0.3 days) last year, remaining stable at this level since 2022 and still 3 days below the pre-pandemic norm.
25.67 days
Companies took 67 days on average in 2025 to turn cash spent into cash collected, the global cash conversion cycle measured by Allianz Trade.
Allianz Trade, DSO Report 2026: Global cash conversion cycle (Jul 2026)
Source quote
According to the world leader in trade credit insurance, the global CCC rose again in 2025 to 67 days and has now settled at a structurally high plateau.
26.2.1 days
Days sales outstanding at the largest North American companies worsened by 2.1 days in fiscal 2025, according to The Hackett Group's working capital survey.
The Hackett Group, The Hackett Group Finds Record $1.94 Trillion Working Capital Opportunity Among North America's Largest Companies (Oct 2026)
Source quote
Days sales outstanding (DSO) deteriorated sharply by 2.1 days, and days inventory outstanding (DIO) increased by 0.6 days, while days payable outstanding (DPO) improved by 2.9 days.
27.48.5 days
Days sales outstanding at the largest European companies rose 1% to 48.5 days in fiscal 2024, according to The Hackett Group.
The Hackett Group, The Hackett Group 2025 Working Capital Survey: Europe Shows Deterioration in Cash Conversion Cycle as Financial Strain Deepens (Nov 2025)
Source quote
DSO rose 1% to 48.5 days, reflecting higher trade accounts receivable balances and falling revenue.
28.1% to 2%
US companies surveyed by Atradius in 2026 often reported losing 1% to 2% of their business-to-business invoices as bad debt.
Atradius, B2B payment practices trends in the US 2026 (Sep 2026)
Source quote
US companies often report losing 1% to 2% of their B2B invoices as bad debt.
29.1.6%
Credit losses averaged 1.6% of business-to-business invoiced turnover across Western Europe in 2026, according to Atradius.
Atradius, B2B payment practices trends in Western Europe 2026 (May 2026)
Source quote
Across the region, credit losses now average 1.6% of B2B invoiced turnover.

Cash flow impact on small businesses

30.39%
39% of US small business owners said one late payment made it hard to cover payroll or bills in the year to 2026, per Intuit QuickBooks.
Intuit QuickBooks, 2026 Small Business Late Payments Report (Jul 2026)
Source quote
Nearly 2 in 5 owners (39%) say one late payment made it hard to cover payroll or bills in the past year.
31.42%
42% of US small businesses said outside pressures delayed payments they owed to their own contractors, suppliers or vendors in 2026.
Intuit QuickBooks, 2026 Small Business Late Payments Report (Jul 2026)
Source quote
42% say outside pressures delayed payments they owed to their own contractors, suppliers, or vendors.
32.59%
59% of US small businesses paid extra fees in 2025 to get faster access to money they had already earned, according to QuickBooks.
Intuit QuickBooks, 2026 Small Business Late Payments Report (Jul 2026)
Source quote
59% paid extra fees last year just to access money they'd already earned.
33.62%
62% of European businesses said late payments from customers led them to pay their own suppliers late, according to Intrum's 2026 survey.
Intrum, European Payment Report 2026 (Apr 2026)
Source quote
The share of revenues paid late has exceeded sustainable levels, putting pressure on cash flow and creating a ripple effect, with 62% of businesses saying delays lead them to pay suppliers late.
34.56%
Meeting operating expenses was the most common reason US small employer firms sought financing in the 2025 Small Business Credit Survey, cited by 56% of firms that sought it.
Federal Reserve Banks, 2026 Report on Employer Firms: Findings from the 2025 Small Business Credit Survey (Mar 2026)
Source quote
The most common reasons firms sought financing were to meet operating expenses (56%) or to pursue an expansion or new opportunity (46%).
35.64%
64% of US nonemployer firms and 54% of employer firms relied on the owner's personal funds to deal with financial challenges in 2025, per the Federal Reserve Banks.
Federal Reserve Banks, 2026 Chartbook on Nonemployer Firms: Findings from the 2025 Small Business Credit Survey (Jul 2026)
Source quote
Nonemployer firms were more likely than employer firms to rely on their owners’ personal funds to address financial challenges (64% and 54%, respectively).
36.£11 billion
Late payments cost the UK economy almost £11 billion a year, according to the UK government's 2026 response to its late payment consultation.
Department for Business and Trade, Late Payment Consultation: Time to Pay Up, government response (Mar 2026)
Source quote
Late payments are estimated to cost the UK economy almost £11 billion per year.
37.14,000
The UK government estimates 14,000 businesses close each year because of late payments, or 38 a day.
Department for Business and Trade, Late Payment Consultation: Time to Pay Up, government response (Mar 2026)
Source quote
14,000 businesses close each year as a result of late payments, equivalent to 38 businesses every day.
38.£26 billion
At any given time, UK businesses provide about £26 billion of effective finance to customers through late payment, according to research published by the UK government in 2025.
Department for Business and Trade, Late payments research: impact on the UK economy (Jul 2025)
Source quote
Overall, the research estimates that at any given time UK businesses provide approximately £26 billion3 of ‘finance’ to their customers in the form of late payment.
39.22%
22% of surveyed UK businesses used staff time to chase unpaid debtors, the most common response to late payment, in research published in 2025.
Department for Business and Trade, Late payments research: impact on the UK economy (Jul 2025)
Source quote
The most common action taken by businesses in response to late payment issues is using staff resource to chase unpaid debtors, which was done by more than a fifth (22%) of surveyed businesses.
40.9.85 hours
EU companies spent an average of 9.85 hours a week chasing late payments in 2024, according to the EU Payment Observatory.
European Commission, EU Payment Observatory: Annual Report 2025 (Jul 2026)
Source quote
Companies spend, on average, 9.85 hours a week chasing late payments.
41.$15,257
The average Australian small business lost $15,257 (AUD) to late payments over the 2024 to 2025 financial year, according to March 2026 Xero research.
Xero, Late payment report: What XSBI data shows about how long Australian small businesses wait to get paid (Aug 2026)
Source quote
According to March 2026 Xero research , the average Australian small business lost $15,257 over the last financial year due to late payments.

How businesses pay each other

42.13%
Checks fell from 32% of US business-to-business payments by number in 2015 to 13% in 2024, according to the Federal Reserve Bank of Cleveland.
Federal Reserve Bank of Cleveland, B2B Payments: A Gradual Shift from Checks to Electronic Payment Methods (Sep 2026)
Source quote
As a result of these trends in B2B payment methods, check’s share of the number of B2B payments fell significantly, from 32 percent in 2015 to 13 percent in 2024.
43.41%
ACH grew from 25% to 41% of US business-to-business payments by number between 2015 and 2024, making it the most used method.
Federal Reserve Bank of Cleveland, B2B Payments: A Gradual Shift from Checks to Electronic Payment Methods (Sep 2026)
Source quote
In contrast, the share of ACH payments increased significantly, from 25 percent to 41 percent during the same period.
44.90%
Almost 90% of US businesses still used checks for at least some business-to-business payments, according to the Federal Reserve Bank of Cleveland's 2026 brief.
Federal Reserve Bank of Cleveland, B2B Payments: A Gradual Shift from Checks to Electronic Payment Methods (Sep 2026)
Source quote
Nevertheless, almost 90 percent of businesses still use checks for at least some of their B2B payments.
45.26%
26% of US business-to-business payments involved paper checks in the 2025 AFP Digital Payments Survey, down from 81% in 2004, as reported by Nacha.
Nacha, Over 21 Years, a Massive Drop in B2B Check Payments, Study Finds (Sep 2025)
Source quote
Fast forward to the 2025 edition and that number is down to 26%, a new low.
46.155%
Business-to-business payments on the US ACH Network rose 155% between 2015 and 2024, from 2.9 billion to 7.4 billion payments, according to Nacha.
Nacha, Over 21 Years, a Massive Drop in B2B Check Payments, Study Finds (Sep 2025)
Source quote
Nacha reported that from 2015 to 2024, overall B2B volume soared 155%, from 2.9 billion payments to 7.4 billion payments.

Chart

Share of US business-to-business payments by method, by number, 2024

Estimated share of the number of US B2B payments by method in 2024; the credit card share is given as nearly 30 percent.

ACH41%
Credit card30%
Debit card17%
Check13%
Wire2%

Source: Federal Reserve Bank of Cleveland, B2B Payments: A Gradual Shift from Checks to Electronic Payment Methods

E-invoicing, automation and payment rules

47.37%
37% of small EU companies sent e-invoices in 2023, more than 20 points below large companies, according to a European Commission report based on Eurostat data.
European Commission, How electronic invoicing helps reduce late payments in commercial transactions (Nov 2024)
Source quote
As can be seen in Figure 6, 37 % of small companies in Europe sent eInvoices in 2023, which is more than 20 points lower than large companies.
48.1 July 2030
Under the EU's VAT in the Digital Age package, digital reporting requirements based on e-invoices apply to cross-border business-to-business transactions from 1 July 2030.
European Commission, VAT in the Digital Age (ViDA) (Jul 2026)
Source quote
Digital Reporting Requirements will affect cross-border B2B transactions from 1 July 2030.
49.1 January 2026
Since 1 January 2026, all VAT-registered businesses in Belgium must use structured electronic invoices for transactions with each other.
Belgian FPS Policy and Support (BOSA), e-invoicing within everyone's reach (Dec 2025)
Source quote
Since 1 January 2026, all Belgian enterprises liable to VAT will have to use structured electronic invoices in their transactions with each other.
50.60 days
The UK government plans maximum payment terms of 60 days, with limited exemptions, so smaller businesses are paid within 60 days.
Department for Business and Trade, Late Payment Consultation: Time to Pay Up, government response (Mar 2026)
Source quote
Maximum payment terms: we intend to impose maximum payment terms of 60 days, with strictly limited exemptions, to ensure that smaller businesses are paid in a maximum of 60 days.
51.66%
66% of European businesses used AI in payments management in 2026, up from 59% in 2025, according to Intrum.
Intrum, European Payment Report 2026 (Apr 2026)
Source quote
Although 66 percent of businesses are now using AI, compared with only 59 percent in 2025, the extent of adoption remains patchy.
52.€8.74 billion
The European Commission estimated in 2023 that being paid on time would save EU businesses at least 5 working days a year spent chasing debtors, worth €8.74 billion across the EU economy.
European Commission, Late Payment Regulation factsheet (Sep 2023)
Source quote
Time and cost savings: being paid on time will save businesses at least 5 man-days currently lost to chasing debtors each year, equivalent to € 8.74 billion for the entire EU economy

Questions readers ask

What percentage of invoices are paid late?: It depends on the market and the measure. UK government data shows large businesses paid 15% of invoices late in 2025, Atradius found late payments affected 22% of US business-to-business receivables and about 25% of UK invoiced turnover in 2026, and Intrum found European businesses receive 12.13% of revenues late.
How long do small businesses wait to get paid?: Xero Small Business Insights shows US small businesses waited 29.7 days on average in the September 2026 quarter and were paid 8.6 days after the due date. Intrum's European survey puts the average wait at 63 days, 20 days beyond agreed terms, and Coface found average UK payment terms reached 57 days in 2026.
What is a typical days sales outstanding (DSO)?: Allianz Trade puts global payment terms, measured as DSO, at 56.5 days in 2025 across listed companies. The Hackett Group found DSO at large European companies was 48.5 days in fiscal 2024 and that DSO at large North American companies worsened by 2.1 days in fiscal 2025.
How do late payments affect small business cash flow?: Intuit QuickBooks found 39% of US small business owners said one late payment made payroll or bills hard to cover, and 42% delayed payments to their own suppliers. Intrum found 62% of European businesses pay suppliers late when their customers pay late, and the UK government estimates late payment costs the economy almost £11 billion a year.
Do businesses still pay each other by check?: Less often. The Federal Reserve Bank of Cleveland estimates checks fell to 13% of US business-to-business payments by number in 2024, while ACH rose to 41%. Almost 90% of businesses still use checks for at least some payments.
Is e-invoicing mandatory?: In some countries it now is. Belgium has required structured e-invoices between VAT-registered businesses since 1 January 2026, and the EU's VAT in the Digital Age package applies digital reporting to cross-border business transactions from 1 July 2030. In 2023, 37% of small EU companies sent e-invoices, per the European Commission.

How these figures were chosen

We chose figures that describe how often and how late businesses are paid, what that does to cash flow, and how payment methods and invoicing rules are changing, and we read each quote on the publisher's own page. Official sources (the UK Department for Business and Trade, the Federal Reserve Banks, the Federal Reserve Bank of Cleveland, the European Commission, Australia's Payment Times Reporting Regulator and the Belgian government) sit alongside surveys by trade credit insurers and collectors (Atradius, Coface, Allianz Trade, Intrum), working capital studies by The Hackett Group, payments data reported by Nacha and data from accounting software vendors (Xero, Intuit QuickBooks). Definitions differ: UK government figures count invoices paid by large businesses, Atradius measures the share of receivables overdue, Coface and the EU Payment Observatory ask whether a firm had any late payment in a year, Xero uses invoices from its own software, and DSO studies cover listed companies only. Vendor and insurer surveys can lean toward their own customers. Currencies are left as published, and the year on each figure is the year the data describes. Every quote was copied from the publisher's page and re-checked by our source checker. Read the methodology.

Sources

Allianz Trade. DSO Report 2026: Global cash conversion cycle (Jul 2026).
Atradius. B2B payment practices trends in the US 2026 (Sep 2026).
Atradius. B2B payment practices trends in the UK 2026 (May 2026).
Atradius. B2B payment practices trends in Western Europe 2026 (May 2026).
Belgian FPS Policy and Support (BOSA). e-invoicing within everyone's reach (Dec 2025).
Coface. 2026 United Kingdom Payment Survey: UK firms stuck in survival mode as payment delays hold back growth ambitions (Sep 2026).
Coface. Germany: Payment delays reach their highest level since 2019 despite improving economic outlook (Oct 2026).
Coface. Late payments in France: 89% of businesses affected, a record high (Sep 2026).
Department for Business and Trade. Large businesses' payment practices and performance statistics 2025: commentary (Jul 2026).
Department for Business and Trade. Late payments research: impact on the UK economy (Jul 2025).
Department for Business and Trade. Late Payment Consultation: Time to Pay Up, government response (Mar 2026).
European Commission. EU Payment Observatory: Annual Report 2025 (Jul 2026).
European Commission. How electronic invoicing helps reduce late payments in commercial transactions (Nov 2024).
European Commission. VAT in the Digital Age (ViDA) (Jul 2026).
European Commission. Late Payment Regulation factsheet (Sep 2023).
Federal Reserve Bank of Cleveland. B2B Payments: A Gradual Shift from Checks to Electronic Payment Methods (Sep 2026).
Federal Reserve Banks. 2026 Report on Employer Firms: Findings from the 2025 Small Business Credit Survey (Mar 2026).
Federal Reserve Banks. 2026 Chartbook on Nonemployer Firms: Findings from the 2025 Small Business Credit Survey (Jul 2026).
Intrum. European Payment Report 2026 (Apr 2026).
Intuit QuickBooks. 2026 Small Business Late Payments Report (Jul 2026).
Nacha. Over 21 Years, a Massive Drop in B2B Check Payments, Study Finds (Sep 2025).
Payment Times Reporting Regulator (Australia). Regulator's update August 2026 (Aug 2026).
The Hackett Group. The Hackett Group Finds Record $1.94 Trillion Working Capital Opportunity Among North America's Largest Companies (Oct 2026).
The Hackett Group. The Hackett Group 2025 Working Capital Survey: Europe Shows Deterioration in Cash Conversion Cycle as Financial Strain Deepens (Nov 2025).
Xero. Xero Small Business Insights: United States (Oct 2026).
Xero. Xero Small Business Insights: United Kingdom (Oct 2026).
Xero. Late payment report: What XSBI data shows about how long Australian small businesses wait to get paid (Aug 2026).

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KeenVerdict. (2026, November 6). Late Payment Statistics 2026. https://keenverdict.com/late-payment-statistics

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Questions or corrections: editorial@keenverdict.com. Next scheduled review: January 5, 2027.