Consider Alaska, Where Companies Pay Their Bills Faster Than Anywhere Else in U.S.
ALLENTOWN, Pa. (January 7, 2015) – If launching a new business in 2015 is one of your New Year’s resolutions, you might want to move to Alaska, where companies pay their bills faster than in any other state, according to new data released by Creditsafe, the world’s most-used supplier of online company credit reports. Conversely, companies in Georgia are slowest to pay their bills, says Creditsafe.
Other states where companies pay quickly include Kansas, West Virginia and Wisconsin. Those with the worst payment track record, in addition to Georgia, are Tennessee, Alabama, Louisiana, Mississippi and Florida.
“Evaluating how quickly businesses pay their bills is a key factor in determining their financial stability,” said Matthew Debbage, president of Creditsafe’s U.S. operations. “Given that getting paid is the lifeblood of any business, owners in fast-paying states may increase their chances of success. Businesses in slower-paying regions can take steps to manage their risk, such as requiring cash on delivery or upfront payment.”
Creditsafe calculates the average number of days it takes a company to pay its bills. Most commercial bills are due within 30 days of being issued.
According to Creditsafe, for the last two years, Alaskan businesses have paid their bills just four days after the due date. Last year, companies in Kansas, Wisconsin and West Virginia also paid their bills in four days, a slight improvement from the previous year. Businesses in Georgia, on the other hand, took an average of 18 days after a bill was due to pay, a small improvement from its 20-days past due average in 2013.
In a positive sign for the recovering U.S. economy, Creditsafe said that U.S. businesses paid their bills nearly two days faster in 2014 than they did in 2013. Among all companies analyzed, nationwide, the average number of days a bill was paid after it was due was 9.39 in 2013 and 7.84 in 2014.
Founded in Norway in 1997, Creditsafe, Inc. (www.creditsafe.com) is the most-used supplier of company credit reports in the world. It maintains the largest single owned and integrated database of business credit information gathered from 129 countries. Since its inception, the company has delivered more than 50 million company credit reports to customers worldwide.
Today, Creditsafe is rapidly expanding its footprint into the U.S. by offering an easy-to-use, high-quality and cost-effective alternative to Dun & Bradstreet and other major credit reporting providers. It has more than 3,000 customers in the U.S. Its U.S. operations are based in Allentown, Pa.
Creditsafe’s subscription-based products include: domestic and international credit reports, trade payment data, credit monitoring, risk analysis, business officers’ credit reports, and business media monitoring.
Buchanan Public Relations for Creditsafe USA
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