About Previse

30 days is still 30 days too long for Britain’s suppliers in the wait to be paid

On Monday, the government announced it was strengthening the Prompt Payment Code (PPC), mandating that its signatories must pay suppliers within 30 days, rather than the previous 60.

While this is a welcome step in the right direction, there is still a long way to go in addressing the chronic issue of slow payments. A 30-day payment period is still 30 days too long for many small businesses struggling to stay afloat.

Let’s give small businesses the gift of a better year ahead this Christmas

Paul Christensen, CEO of Previse reflects on a tough 2020 and looks ahead to 2021.

2020 has been a hard year for British businesses, from the UK’s smallest suppliers to its most powerful retailers, none have been infallible to the impact of Coronavirus.

Arcadia’s collapse into administration highlights just how precarious the UK’s market is. The demise of Philip Green’s retail empire, and the fire sale of Debenhams, demonstrates that now is not the time to carry on business as usual – it is the time for renewal.

Previse wins major grant from Banking Competition Remedies

Previse has been awarded a £2.5m grant by the Banking Competition Remedies’ Capability and Innovation Fund.

The money, which will be used to fund further development of Previse’s industry leading instant payments solution, was won after a competitive application process that saw £20m dispersed to 6 companies, as part of the BCR’s mission to facilitate the commercialisation of financial technology relevant to SMEs.

How Previse is supporting SMEs through this late payments crisis

The economic fallout from coronavirus is intensifying the ongoing problem of late payments. Previse is proud to be approved for accreditation by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS). CBILS loans will be available through our InstantFlow Cash Account solution, enabling SMEs instant access to the money they’re owed by their customers.

A better future

For more than a decade large firms have been able to support their suppliers with a range of supply chain finance (SCF) options. Yet, uptake of these programmes by SME suppliers has remained limited

Retailers can’t embrace independent suppliers until they tackle payment terms

It’s many entrepreneurs’ dream; that first big contract from a retailer which launches your start-up brand onto the national stage. It should be time to celebrate your success, but for many small firms this is the start of a new financial nightmare. To support these independent suppliers realise their potential, retailers need to become more flexible about their payment terms.

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