Is the bill settled after weeks or even months? Many of them are familiar with the actors in the Hungarian economy. In the local economic culture, this is a constant problem, and receivables management is a constant feature of a company’s business.
According to research by Fairplay Control Zrt and the Yellow Bird marketing agency, which specializes in meeting payment deadlines, 65 percent of customers in Hungary pay their bills late. Additionally, a third of companies say wage sentiment has been worse than at any time since the outbreak of the pandemic.
Every fifth company has taken legal action
“The payment deadline section of the invoice is just as useful as the information about VAT or the amount itself. However, it seems that not many people think this,” concludes Tamas Jagodiks, CEO of Fairplay Control Zrt. , Regarding the results of their recent research. In recent weeks, nearly six hundred business leaders have been asked about their experiences with late payments – usually from the small and medium business sector. The survey found that only 35 percent of customers pay on time. The seriousness of the situation also indicates the fact that nearly 20 percent of the companies that responded to the survey were compelled to take their cases to court.
The increasing and increasing delays in payment also indicate the challenges facing the economy. During the pandemic, more and more companies faced an increase in the number of companies that could no longer fulfill their account obligations on time after using their reserves. Thus, the range and risk of rotors are also increasing. The situation was further exacerbated by the significant decline in economic activity: in the third quarter of 2020, the number of bills issued decreased by a third compared to the previous year. Additionally, it has been offered by five fewer companies.