There's never been a better time to help stamp out Late Payment

National Small Business Week (from 28th April 2003) is an ideal time for Britain’s small businesses to help stamp out the culture of late payment of commercial debts and invoices.

The Better Payment Practice Group (BPPG) is encouraging all firms to adopt a responsible attitude to paying on time by signing up to and following its Better Payment Practice Code. Nearly 1,400 businesses, representing 20% of the UK’s GDP, have already signed up to do just this.

Firms who do not pay their bills on time risk damage to their corporate reputation which can weaken relations with their suppliers.

Clive Lewis, Chairman of the BPPG, said: “By signing up to the Better Payment Practice Code firms are sending a clear signal to suppliers and customers of their commitment to prompt payment.”

The code states that signatories will always:

1. Agree payment terms at the outset of a deal and stick to them,
2. Explain their payment procedures to suppliers,
3. Pay bills in accordance with any contract agreed with the supplier or as required by law and
4. Tell suppliers without delay when an invoice is contested, and settle disputes quickly.

Your Firm can sign up to the code on the here, and you can also find other useful credit management information including free guides and letters, a ‘Business Doctor’ who will respond to queries about late payment and an interest calculator so that firms can work out interest due on unpaid bills.

You can keep up to date with the Better Payment Practice Campaign by sending us an email