At the ‘Ask the agency experts’ panel session at International Confex yesterday (13 March), panellists agreed that payment terms are getting worse.
Rory Sloan, director at agency RPM, said: "Payments terms have shifted from 30 days to 60 days to now even 90 days. There are various chats with government going on to improve this. I was shocked recently when we were asked to pay to be on a client’s roster, which is a very scary thing. We are not charities."
Fay Sharpe, founder and managing director of Zibrant, added: "Payment terms are a big challenge for agencies. It affects the whole supply chain. There is a duty from the large corporates to be responsible to how they pay their suppliers and partners."
This follows the news that Eventia-IVCA is lobbying government to improve payment terms for SMEs.