Dedicated to news and articles for suppliers to large corporates, from Previse and InstantPay
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.
It’s many entrepreneurs’ dream; that first big contract 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.