We are proud to announce that Quintech is now a signatory to the Prompt Payment Code, demonstrating our commitment to good payment practice.
What is the Prompt Payment Code? The Prompt Payment Code (PPC) sets the standard for payment practices and best practice and is administered by the Small Business Commissioner on behalf of the Department for Business, Energy and Industrial Strategy (BEIS). The Code covers prompt payment, as well as wider payment procedures.
In January, tougher reforms were introduced to the Code to help build a culture of prompt payment between companies and challenge UK businesses to change their practices and stand by small partners at a critical time for the UK’s economic recovery.
Why did we join it? It has never been more important to get paid on time, especially now when cashflow is critical, particularly for SMEs.
Late payments can have a negative impact on the bottom line, stifle creation, create job losses, and in some cases, lead to business closures. Not only that, but the effects can also be damaging to the wellbeing of business owners and their families.
Nicky Davies, Finance Director at Quintech explained,
“We value our relationships with our partners, many of whom are SMEs. They deliver quality products and services, which in turn helps us to deliver a quality service to our own customers. For this reason, we believe they should be paid on time. We encourage businesses of all sizes to demonstrate their commitment to ending the culture of bad payment practice to help increase supplier confidence and help businesses recover from the pandemic.”
What does it mean for our suppliers? By joining the growing number of businesses, around 3,000 to date, who have signed up to the Code, we will always undertake to:
1) Pay suppliers on time, within agreed terms:
by paying 95% of invoices within the agreed payment terms and without attempting to change terms retrospectively.
2) Give clear guidance to suppliers on terms, dispute resolution and prompt notification of late payment:
by providing clear and easily accessible guidance on payment procedures and invoicing requirements at on-boarding stage and on an ongoing basis
by ensuring there is a system for dealing with complaints and disputes which is clearly communicated, and providing a contact-point (or online portal) for them to ascertain the status of invoices being processed
by advising them immediately if there is any reason why an invoice will not be paid to the agreed terms.
3) Support good practice throughout the supply chain by encouraging adoption of the Code:
by requesting that lead suppliers encourage adoption of the Code throughout their own supply chains
by using the PPC logo to demonstrate commitment to the Code principles and enhance supplier confidence
by avoiding any practices that adversely affect the supply chain.
Suppliers to Quintech can find details on how to ensure they are paid promptly in our Suppliers Guide.
If you are interested in becoming a signatory to the Prompt Payment Code visit their website.