A new SunGard survey says companies are using the wrong approach to decide when to send business-to-business bills to collection agencies.

According to the survey of 179 executives worldwide, 96% of companies send B2B bills to a collection agency based on the number of days the bill is delinquent, with 80% of companies waiting at least 90 to 120 days to do so.

But SunGard says the longer a bill is overdue, the less likely it is to ever be paid.

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