Want to meet your ESG commitments and support the parts of your supply chain that need the most help?
FreePay is an automated solution that improves the stability of your small business suppliers by helping you pay them ahead of payment terms, so they can meet their working capital needs.
What’s more, early payment through FreePay is done without any charge to the supplier, giving them a valuable alternative to short term debt products such as a working capital loan.
Increase the social impact of your procurement
Deliver on commitments to get cash quickly to the small business suppliers that need it most.
Get to know your local supply chain better
Identify the small, local businesses that rely on you for business growth.
Save valuable accounts payable time
Use FreePay to free up your accounts payable team’s time, so they can focus on your priorities.
Supporting small business suppliers’ working capital management
It has been estimated that £50bn is paid late in the UK each year, creating significant cash flow challenges, especially for smaller suppliers.
FreePay meets this challenge head-on by treating small and micro businesses fairly and responsibly, boosting liquidity and improving their cash management.
Unlike other products which levy a discount on suppliers, FreePay does what the name suggests – it pays the invoice without charge.
The cash flow management benefits for suppliers are clear and for buyers, FreePay creates supplier loyalty making you the customer of choice.
Moreover, the process is ‘hands-free’ and fully automated – freeing up valuable time and resource.
A dedicated team from Oxygen will work alongside your stakeholders to define eligibility then identify and enrol suppliers. Early payment is then only actioned once all your pre-determined approvals have been met.
Using a clear and established process, FreePay can be introduced quickly and efficiently into your finance systems. A dashboard shows your early payment performance for each supplier sector, giving you valuable data for your ESG reporting.
Flintshire County Council, Early Payment
“FastTrack provides significant benefits to our suppliers with hundreds of firms receiving payments quickly and efficiently. This shows how well the process works. We are seeing more firms signing up all the time as they realise that getting paid fast can be a lifeline, especially if they can access the FreePay option.”
Councillor Paul Johnson, Flintshire’s Cabinet Member for Finance, Social Value and Procurement
Get in touch with our team today for a demonstration of how FreePay can help your suppliers maintain positive working capital, meet your ESG commitments and make your business their preferred buyer.Talk to us
Supporting suppliers’ working capital needs to meet your ESG commitments.
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