As the UK moves out of lockdown, local authorities continue their support for small businesses with six more Cities and Councils opting for Oxygen Finance’s early payment solutions.
The voluntary programmes, which include a FreePay option for smaller firms, help release liquidity into the supply chain, as companies open-up and look to increase business with the easing of Covid restrictions.
The authorities which have recently introduced Oxygen Finance systems include Wokingham, Walsall, Flintshire and Aberdeenshire, with Newcastle and Bristol due to go live in the near future. This represents an overall expenditure of over £1 billion potentially benefiting thousands of different suppliers.
Ben Jackson, Chief Executive, Oxygen Finance, commented: “Local authorities are always on the front line when dealing with suppliers. They can see the stress and anxiety caused by late payments, especially in these incredibly difficult times. Their response has been incredibly proactive by directly addressing the issue of late payments using voluntary schemes which offer no-cost-options for small firms. The efficiencies offered by our systems, and the ease of use, allows fast and effective implementation which gets cash to the people that need it.”
The Small Business Minister Small Business Minister Paul Scully and the outgoing Small Business Commissioner, Philip King, have both highlighted the needless uncertainty caused to businesses who are forced to chase payments which should have been made weeks or even months ago. A situation which is solved by Oxygen’s solutions.
“Advances in technology have helped develop the products we offer, but we also feel that many people have just had enough of the ‘cheques in the post’ mentality of some firms. The approach of protecting my own business and letting my suppliers suffer is no longer acceptable. All businesses are being evaluated based on their social and environmental statements as well as the levels of governance they adhere to. This is good news for firms who need to be paid early or at least on time and will protect jobs and increase employment.” added Mr Jackson.
Oxygen Finance is the leading firm in the UK providing fintech accountancy based early payment solutions and works with a range of public and private sector companies to maintain supply chain liquidity as a way of supporting business investment and success.