FreePay delivers significant social value outcomes by helping public buyers accelerate payment to small and micro suppliers – getting cash to the businesses that need it most.
Concerned about the social impact of your purchasing decisions, but don’t know where to start? FreePay can help you support local activities, transform the experience of suppliers and advance the social impact of the public sector.
Delivering social public procurement
Supports local economies by injecting much-needed liquidity into small and micro firms.
Time and cost-saving
Frees up valuable time and resources to focus on core priorities.
Deliver social impact quickly
Process can be introduced quickly into public procurement finance systems.
A pioneering win-win solution for you and your supply chain
Small and micro businesses are the lifeblood of the UK economy, but many struggle to get paid.
Estimates suggest that UK late payments amount to some £50bn a year, creating significant cash flow challenges, especially for smaller suppliers.
FreePay delivers true social procurement, supporting local economies by treating suppliers fairly and responsibly, helping public authorities achieve their social goals.
Unlike other products which levy a discount on suppliers, FreePay does exactly what it says: it allows buyers to pay small business invoices early without a charge. The benefits for suppliers are clear.
For public sector buyers, the benefits are similarly compelling – creating social value by injecting liquidity into local economies. The process is fully automated, freeing up your valuable time and resources.
Using a clear and established process, FreePay can be introduced quickly into local government finance systems. Oxygen’s team works with yours to define your social criteria and identify eligible suppliers. Suppliers are then approached and enrolled.
Payment is only made once all approvals have been met. A dashboard displays your payment performance against the strategy set for each supplier.
Stewart Turkington Photography, FreePay
“As a small business, good cash flow is essential, yet there are often challenges getting paid from larger corporates, with some operating at ninety days.
Payments from the local Council have always been quick, but now they are even quicker, often within two or three days which is brilliant.”
Stewart Turkington, Owner, Stewart Turkington Photography
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 today to learn how Freepay can help you generate positive social outcomes from your procurement process.Talk to us
Delivering progressive payment practices
Bristol city council agrees to early payment initiative with Oxygen Finance
Bristol businesses and suppliers could benefit from a new early payment initiative designed to help improve cash…Discover More
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