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These industries are the best and worst at paying on time

Stockholm based fintech company Invoier, who recently launched Payment Time IndexTM, has mapped what industries in Sweden that are the best, as well as worst, at paying their suppliers on time.

The index covers national data and has mapped over 75 000 invoices and all of the SNI-codes during the last 12 months. Industries which have had too little activity during this period, and could therefore be misleading, have been excluded.

Best industries:

  1. Manufacture of basic iron and steel and of ferro-alloys
  2. Building of ships and floating structures
  3. Repair of fabricated metal products
  4. Manufacture of passenger cars and other light motor vehicles
  5. Operations of sports facilities

Worst industries:

  1. Performing arts
  2. Growing of cereals (except rice), leguminous crops and oil seeds
  3. Pre-primary education
  4. Social work activities without accommodation for the elderly
  5. Sale of cars and light motor vehicles

(delayed payment days)

(4,03) (3,90) (2,45) (1,87) (1,42)

(early payment days)

(6,82) (4,54) (3,24) (3,19) (2,99)

– We note that industries that have been depending on components that may have been delayed, such as the motor vehicle industry, as well as those affected by the transportation issues during the pandemic, are the ones that still are the most delayed with their payments. The new law for large companies to report on payment times may still have a greater impact in the months to come, says Fredrik Mistander, CEO & Co-Founder Invoier.

The importance of paying on time
Late payments and long payment times between companies is a common problem, especially for Swedish small and medium-sized companies with up to 249 employees. It creates an unhealthy competition where the smaller companies, in reality, are forced to act as financiers to the larger ones. For the smaller companies this often leads to serious liquidity issues which stops them from growth and creating new job opportunities.

About Payment Time IndexTM: Payment Time Index is developed by Invoier. It is continuously updated and can be found at https://invoier.com/en/betaltidsindex/.

For further informationFredrik Mistander, CEO/Co-founder, +46 70-046 06 20, fredrik.mistander@invoier.com

Chris Crespo
Chris Crespohttp://nordicfintechmagazine.com
Chris is a Founding Partner and Chief Editor at Nordic Fintech Magazine, where he simplifies complex financial ideas into easy-to-understand content. With nearly 20 years of experience in management consulting and financial services, including leadership roles with some of Europe's largest banks, he offers profound industry insights. Previously serving as the Chief Futurist at the largest bank in the Nordics, Chris has sharp views on the Future of Financial Services, Money, Disruption, and Ethical AI in Finance. He is also a guest lecturer at Stanford University, Singularity University and Copenhagen Business School, where he frequently discusses the future of Money, Finance, and Entrepreneurship in Financial Services. As a Behavioral Economist, Chris is passionate about studying how human behavior and decision-making relate to risk. He also delves into the connections between psychology, leadership, and technology within financial services.
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