On-time payments decreased during Covid
Based on a Nov 2020 study from Dunn & Bradstreet, on-time (30-day) payments decreased by almost 1% in US and 2% in Canada.
In normal times, on-time payments in US are about half of all payments. The other half are late payments. In Canada, that number is lower — about 30% on-time, and 70% late.
Looking at specific industries and sectors, the most noticeable declines in on-time payment performance were seen in 1) local and interurban passenger transit; 2) coal mining; and 3) automotive dealers and service stations. All three sectors suffered from steep pandemic-related falloff in demand during the first half of the year.
Here is a link to the study…
https://www.dnb.com/content/dam/english/business-trends/DNB_Payment_Study_2020.pdf
