European Payment Report 2020 Special Edition White Paper
The whitepaper outline how Covid-19 has impacted 10,000 businesses across 29 countries in Europe. Results show that many businesses are fighting for survival. Sustaining liquidity and cashflow by ensuring timely payment has become their lifeline.
Europe’s lockdowns have put businesses under pressure. A slowing economic growth reduces demand, supply chains are disrupted and the pandemic has placed an even greater pressure on European businesses to safeguard their liquidity.
We have conducted a survey of 9,980 companies across 29 European countries to reveal the impact of the Covid-19 crisis on business outlook and payment behaviour.
- Recession is the top challenge for companies during Covid-19: up from 26% pre-crisis to 44% during crisis say recession has severe impact on their business.
- Hospitality and leisure has taken a big hit. About 4 in 10 survey respondents from this sector say that a recession will have a severe impact on their businesses – the highest figure of the 11 industries surveyed.
- A majority of companies say late payments threaten their survival during the Covid-19 crisis. SMEs are particularly vulnerable for unfavorable payment terms.
- Half of European companies seek initiatives to prevent late payments from corporations and new legislations.
About the survey:
The white paper is based on a survey that was conducted simultaneously in 29 European countries between 14th February and 14th May 2020. A total of 9,980 companies across 11 industries in Europe participated in the research.