B2B payment practices trends Ireland 2024

with customer credit risk challenges, emphasizing the need for robust credit risk management strategies. B2B payment practices trends Ireland 2024 Businesses in Ireland are grappling with customer credit risk challenges, emphasizing the need for robust credit risk management strategies. Key takeaways from the report for Ireland  The 2024 Payment Practices Barometer survey for Ireland was conducted between the end of Q1 and the beginning of Q2 2024. The findings should therefore be viewed with this in mind. Trading on credit declines amid worsening B2B payment practices A 30% decline in B2B sales being made on credit highlights a significant shift to cash transactions among companies in Ireland. There is a difference across sectors, however, with 60% of sales being transacted on credit in the consumer durables sector, but just 25% among construction businesses and 40% in the electronics/ICT sector.   This reduction in the use of trade credit is being complemented by a tightening of payment terms for B2B customers, particularly in the construction sector. There is no change in the electronics/ICT sector, while a slightly more relaxed policy on payment terms is evident with Irish consumer durables companies. Cybersecurity risks a major concern amid positive outlook The most significant concern for companies across all sectors in Ireland is the threat posed by cybersecurity risks. This is both a short-term and long-term anxiety, which is escalating as businesses integrate digital technologies into their daily operations. Limited growth potential is also a significant worry in the electronics/ICT industry.   There is also widespread apprehension about the health and stability of the domestic Irish economy, which is casting a shadow over business planning and investment decisions. Construction companies have a particular concern about technological obsolescence and too much reliance on outdated systems. The Atradius Payment Practices Barometer is an annual survey of business-to-business (B2B) payment practices in markets across the world. Its findings can give valuable insights into the current dynamics of corporate payment behaviour in B2B trade. It can also help companies doing business, or planning to do so, in the markets polled to identify emerging future trends in the payment practices of B2B customers.  Interested in finding out more?  For a complete overview of the 2024 survey results for Ireland and Western Europe, please download the full reports available in the related documents section below.  All content on this page is subject to our Disclaimer, available here