We’re proud to announce the forthcoming launch of Oxygen FreePay. This ground breaking new product will enable our clients to pay local, small and micro suppliers early without charge, supporting growth, creating social value and speeding up payments where cash is most needed.
Recent government figures show that £26 billion of trade debt is owed to SMEs and 70% of SMEs used finance in the last 12 months. While great strides have been made to increase public sector sourcing from local, small and micro businesses, this only becomes an effective catalyst for growth and investment if payments can be made to these suppliers quickly and efficiently. With the average council having between 5,000 – 10,000 suppliers of which c.20% are local, small and micro businesses, expediting these payments to get cash where it is most needed is a vast challenge.
FreePay provides the answer.
Oxygen identifies these suppliers and actively enrols them into our unique FreePay model on the council’s behalf, allowing each eligible supplier to receive early payment for free. We provide a complete solution, improving the council’s ability to digitally receive invoices and pay them ahead of term.
We even offset your cost of financing early payments.
Local social value, delivered by Oxygen.
We’ll be launching FreePay at the LGA conference to a select group of council decision-makers, industry experts and media, who will get an inside view of the product, which is being rolled out across Oxygen’s growing customer base. Iain Duncan Smith and Phil Woolas are joining us as guest speakers at the launch event.