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Photograph: Photo by 2041487, used under CC0

Croatian customers settle their payments in 36 days on average, which is six days less than last year and corresponds to the European average, according to the results of the survey "European Payment Practices 2016" presented in Zagreb on Tuesday.

The survey was conducted for the EOS company, specialising in receivables management, covering 3,000 decision makers from 14 European countries, including 200 from Croatia. The results were presented by EOS Matrix CEO Barbara Cerinski at a round table organised by Lider business magazine, EOS and the Hrvatsko Kreditno Osiguranje credit insurance company.

The survey shows that in Croatia 78% of invoices are settled on time, 19% are paid over an extended period of 22 days on average, and only 3% are unrecoverable. This is an improvement on last year when 71% of invoices were paid on time, 23% were paid with an average delay of 55 days and 6% were found to be unrecoverable, Cerinski said.

The proportion of invoices settled beyond the stipulated deadline or unrecovered decreased from 34% in 2015 to 23% in the case of business customers, but increased from 17% to 21% in the case of private customers.

The proportion of late and defaulted payments is 22%, compared with 20% in Western European countries and 26% in Eastern European countries.

Cerinski said that reasons for payment delays in Croatia are similar to those observed elsewhere in Europe. In the case of business customers, the most frequent reasons for payment delays and defaults are temporary cashflow problems (52%), outstanding payments from own customers (36%) and utilising supplier credits (29%), while in the case of private customers the most frequent reasons are unemployment (47%), excessive debt (44%) and temporary cashflow problems (33%).

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