Eligible, small, local suppliers are automatically enrolled in FreePay to receive faster payment.
Vulnerable Citizens & Public Health Accounts For 40% Of Local GOV. 3rd Party Spend As a Result Of COVID
The 2020/21 Local Government Third Party Spend Almanac has shown overall spend by councils in England in 2020/21 reached £64bn.
PPN05/21: Moving Focus Away From Traditional Payment Approaches Can Support Both The Buyer and Their Suppliers.
It is promising to see PPN05/21, released this month by HM Government, highlighting the impact and importance of payment terms.
The voluntary programmes, which include a FreePay option for smaller firms, help release liquidity into the supply chain.
It is estimated that on average the 5.9 million small businesses which employ 61% of the UK’s workforce are owed between £5,000 and £6,500.
Bristol businesses could benefit from a new early payment initiative designed to help improve cash flow during the current economic climate.