Thank you for visiting the Prompt Payment Code website.
The major business organisations including BCC, CBI, FPB, FSB and IoD are championing the importance of paying suppliers promptly and within agreed timescales - click here to show suppliers your commitment to them.
 
  Latest research shows that British SMEs are having to wait an average of 41 days longer than their original agreed payment terms before invoices are paid. Click here for more.
Source: Bacs, the origanisation behind Direct Debit and Bacs Direct Credit		  
 
     

Prompt payment is critical to the cash flow of every business, and especially to smaller businesses within the supply chain. But it is not just the timeliness of payment, though fast payment is always welcome, but rather the certainty of getting paid that is really important, and enables businesses to plan both for their short and longer term futures.

The Prompt Payment Code is about encouraging and promoting best practice between organisations and their suppliers. Signatories to the Code commit to paying their suppliers within clearly defined terms, and commit also to ensuring there is a proper process for dealing with any issues that may arise. This means that suppliers can build stronger relationships with their customers, safe in the knowledge that they will be paid, and confident that they are working with a business that values the service they deliver. Independent analysis by Experian suggests that current signatories to the Code represent over 60% of total UK supply chain value, so the Code is making a difference.

Certainty on payment inspires confidence across the supply chain - confidence that stimulates investment and growth. This confidence is good for both suppliers and customers.

Mark Prisk , MP, Minister of State for Business and Enterprise.

  
 
Code signatories undertake to:
   
Pay suppliers on time
 
  • within the terms agreed at the outset of the contract
  • without attempting to change payment terms retrospectively
  • without changing practice on length of payment for smaller companies on unreasonable grounds
   
Give clear guidance to suppliers
 
  • providing suppliers with clear and easily accessible guidance on payment procedures
  • ensuring there is a system for dealing with complaints and disputes which is communicated to suppliers
  • advising them promptly if there is any reason why an invoice will not be paid to the agreed terms
   
Encourage good practice
 
  • by requesting that lead suppliers encourage adoption of the code throughout their own supply chains
   
Click apply to become a signatory to the Prompt Payment Code.
 
   The Prompt Payment Code is sponsored, hosted and administered by
on behalf of
  and supported by :
 
     
     
 
     
     
Bank Of Scotland
Lloyds TSB
   
.
 
 
 
The Institute of Credit Management (ICM) is the largest professional credit management organisation in Europe. It represents the credit profession across trade, consumer and export credit, as well as in related activities such as collections, credit reporting, credit insurance and insolvency.
 
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