Want to meet your social procurement targets and unlock more funds for public services?
Our early payment programmes offer a way for public bodies around the world to pay their suppliers early in exchange for a small discount.
Suppliers join our programmes on a purely voluntary basis. Once signed-up, they can access the money they are owed much quicker. This improves cash flow, so they can invest with confidence and create more local jobs.
Drive social value through local employers
Delivers responsible payment practices by giving suppliers access to the money they have earned much quicker.
Achieve savings to fund public services
Generates additional savings for public sector organisations, ready to be invested back into protecting frontline public services.
Improve your purchase to pay practices
Improves efficiency and effectiveness, whilst driving up compliance with payment and public contracts regulations.
A tried and tested solution to your late payment challenge.
Each year, £7bn of UK local government spend is paid late which impacts the financial health of suppliers. In response, new legislation and initiatives such as the Prompt Payment Code are urging more responsible payment practices.
Our programmes help contracting authorities deliver the early payment public sector bodies may wish to provide to their supply chain.
Early payment that benefits both firms and public services
A sliding-scale of discounts is agreed with your suppliers when they first choose to join a programme. Public sector organisations then apply the relevant discount at the time of early payment, based on how quickly the invoice is paid vs the contracted payment term.
To protect suppliers, class-leading dynamic discount technology makes sure they only need offer a rebate if a local authority genuinely pays them sooner than the original payment date.
Unlocking social value in local communities
Early Payment drives improvements in your purchase-to-pay processes (P2P), ensures compliance with payment legislation, strengthens supplier relationships and unlocks valuable cost-savings, all of which helps you create social value in your local economies and communities.
We currently process over £22bn in payments each year, 10% of the total UK public sector spend, and work with over hundreds of clients ranging from unitary councils through to London Boroughs, County Councils and NHS Wales.
Award-winning public finance solutions
Oxygen’s Early Payment solution combines technology, our dynamic discounting model, process improvement, and supplier onboarding marketing know-how. It delivers results for both buyers and suppliers, with no other organisation offering such depth of expertise, breadth of support or power of technology.
A winner of the Public Finance 2019 Award, Oxygen Finance is also approved as supplier under the NEPO Framework Agreement NEPO521 – EPS.
Public sector payment expertise at your service
We’ve worked with the public sector for over 10 years and our client renewal rates speak for themselves. As a client you’ll get a personal project management team to aid in assessing project feasibility, help to connect our Early Payment solution to your finance systems, and ongoing support. Which means you’ll be able to enjoy the benefits of a tailored, automated and effective early payment solution even quicker.
South Tyneside Council
Making sure we deliver value for money while maintaining quality is more important than ever. Effective procurement is fundamental to achieving our vision, protecting our front line services and supporting a socially sustainable economic environment.
“I’m pleased that the Social Value Act has been included as a key element of our new Procurement Strategy. Encompassing social value enables us to ensure that bidders bring a social or environmental benefit to SouthTyneside where possible. This can often include apprenticeship or local employment opportunities, which supports our strategic objective of economic growth.”
Councillor Ed Malcolm – Lead Member for Resources & Innovation
Get in touch today for your demonstration of how our early payment solution can help your public sector organisation grow financial and social value.Talk to us
Delivering progressive payment practices
Bristol city council agrees to early payment initiative with Oxygen Finance
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Local authorities increase focus on early payments
The voluntary programmes, which include a FreePay option for smaller firms, help release liquidity into the supply…Discover More