Firms' payment performance rebounded to 48.40% in 2017

Prompt payments accounted for almost half of all transactions in Q4.

Payment performance of local firms recovered in 2017, with the annual average proportion of prompt payments rising by 4.63%, according to Singapore Commercial Credit Bureau (SCCB).

The annual average proportion of prompt payments increased from 43.77% in 2016 to 48.40% in 2017, whilst slow payments decreased from 44.71% in 2016 to 39.71% in 2017. Partial payments hit a 7-year high, increasing from 11.52% in 2016 to 11.87% in 2017. 

The quarterly statistics for Q4 2017 showed that the prompt payments accounted for around half of all payment transactions.

On a year-on-year basis, prompt payments increased from 4.53% in Q4 2016 to 50.40% in Q4 2017, whilst slow payments decreased by 6.36% from 43.28% in Q4 2016 to 36.92% in Q4 2017.

Further, partial payments increased from 10.85% in Q4 2016 to 12.68% in Q4 2017.