Payment terms are getting worse, say agencies

Payment terms are a huge challenge for events agencies, according to a Q&A panel at International Confex.

Payment terms are getting worse, say agencies
Payment terms are getting worse, say agencies

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.

Tell us what you think below, Tweet us or email cit@haymarket.com. Are payment terms really getting worse? What can be done?

In Pictures: International Confex 2014

Events industry worth £39.1bn

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