Nexus surveyed more than 200 suppliers – who use NexusConnect to submit their invoices to clients – to understand what their experiences were with late payments in 2021. The news was sobering. More than half surveyed said they had more late payments in 2021 than in previous years. And more than a quarter said they cut off clients who paid late.
But there’s good news too. The survey showed that suppliers are eager to accept more electronic payments – like virtual card and ACH – to help speed up the payments process. Both arrive faster than paper checks – and can help make up some of the lag time, if buyers decide to pay their bills late.