$3 trillion. That's how much money is overdue from invoices right now in the US. Vendors feel the pain every day this cashflow problem lingers.
While the average payments terms are 30 days, businesses take 33 days to pay their invoices. That means the average payment duration is 63 days in the US! 50% of invoices are paid past due. And that was before COVID. The data is still coming in, and the full effects are still permeating into industries at various rates.
Over 90% of companies reported late payments by their B2B customers.
Especially when AP teams are working from home and all sectors are being slammed from COVID, these staggering problems are an urgent call for innovation in invoicing.