ALLENTOWN, Pa., Nov. 29, 2016 /PRNewswire/ -- Creditsafe, the world's most used supplier of online company credit reports, today released a report tracking the speed at which companies in each of the fifty states pays its bills. Among the fastest bill paying states are Maine, New Hampshire and Oregon with Alabama, Nevada and Florida being some of the slowest. The report analyses trade payment data for companies in each of the fifty states and tracked the changes from start of Quarter 2 to the end of Quarter 3 2016.
"We've analyzed the payment behavior submitted to us by thousands of individual suppliers for companies in each of the fifty states for the period of April thru September of 2016. In nearly all the cases, the average DBT (Days beyond Terms) for companies in each state has increased, meaning companies are taking longer to pay their suppliers over the course of the year," explained Matthew Debbage, CEO of Creditsafe USA and Asia. "The states paying their bills the fastest were Maine, New Hampshire and Oregon with an average DBT of 4.53 or just over four days. The slowest states were Nevada, Alabama and New Hampshire with an average DBT of 14.91 or nearly fifteen days beyond the agreed due date. It is truly incredibly the significance in the variation between the states."
Creditsafe's global database is one of the most rapidly expanding in the industry and also one of the most comprehensive. Each day over 200,000 users around the world leverage the company's database to gather strategic, insightful business information. Creditsafe's database is updated over a million times a day with information gathered from thousands of sources. In 99.9% of the cases, reports requested by customers are delivered instantly. Over forty percent of Creditsafe's customers leverage the company's internationally reporting capabilities.
"Worsening of DBT or taking longer to pay is a key indicator when analyzing a company's likelihood of failure. By analyzing the payment behavior of companies in a state, may reveal insight into the state's overall financial wellbeing," explained Debbage.
Creditsafe is the world's most used supplier of company business intelligence with ten Creditsafe Group reports downloaded every second. Privately owned and independently minded, Creditsafe is looking to change the way business information is used by providing high quality data in an easy to use format that everyone in an organization can benefit from.
Founded in Norway in 1997, Creditsafe has offices in countries all over the world including: the UK, Germany, France, Sweden, Ireland, Italy, Belgium, the Netherlands and the United States. Globally, The Creditsafe Group employs over 1,000 people and has more than 80,000 subscription customers. Three years ago, The Creditsafe Group opened offices in the US under the name Creditsafe USA, Inc. Its U.S. operations are headquartered in Allentown, PA with another office in Phoenix, AZ. Nearly 5,000 companies in the U.S. use its credit reports, ranging from small businesses to large, global concerns like Staples, Ryder and Nestle.