Creative agencies and freelancers are being stung by an average 27-day wait for settlement of overdue invoices, according to a new report.
The findings come from a survey of over 5000 invoices issued by organisations such as IT developers, digital marketing consultancies, design specialists, film, TV and photography contractors and more. The study, carried out by business lender MarketFinance, found that clients were routinely paying service providers and suppliers late despite already insisting on lengthy payment terms that averaged out at 45 days.
Read more: Month-Long Wait for Late Payments ‘the New Norm’ in Creative Sector