Invoices paid early attract a discount which is dynamically calculated and deducted from the invoice settlement value.
A global leader in early payment, we deploy proven, class-leading technology to enable public sector organisations to pay their suppliers ahead of contracted terms. Early Payment drives improvements in purchase-to-pay processes (P2P), ensures compliance with payment legislation, strengthens supplier relationships and unlocks valuable cost-savings, all of which create social value in local economies and communities.
Drives responsible payment practices and adherence to legislation.
Generates additional savings.
Improves efficiency and effectiveness, whilst driving up compliance.
A tried and tested solution to your late payment challenge.
Each year some £7bn of UK local government spend is paid late which impacts the financial well-being of suppliers. In response, the government is tightening legislation and urging more responsible payment practices.
Not only do Oxygen’s Early Payment solutions solve this challenge and ensure compliance, they also generate additional revenue which can be redirected into priority projects such as protecting frontline jobs and services. This revenue is created from a small discount applied to the invoice in return for the early payment.
A winner of the Public Finance 2019 Award, Oxygen Finance is also approved as supplier under the NEPO Framework Agreement NEPO521 – EPS.
Our payment infrastructure currently processes over £22bn per annum, 10% of the total UK public sector spend, working with over 100 clients ranging from unitary councils through to London Boroughs, County Councils and NHS Wales.
Early Payment from Oxygen is a fully supported business solution covering technology, supplier onboarding, process improvements and a contingent pricing model. It delivers results for buyers and suppliers alike, with no other organisation offering such depth of expertise, breadth of support or power of technology.
Our solutions have been delivering value to the public sector for over 10 years and our client renewal rates speak for themselves. Oxygen’s Early Payment Programme can be seamlessly integrated to existing finance systems. This is achieved through a dedicated project management team that works closely with clients from feasibility to implementation and beyond, helping them enjoy all the benefits of an effective and automated payment strategy.
The result is a solution, tailored to each organisation, helping solve today’s payment challenges.
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
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