Cantium Business Solutions is pleased to announce that we have been accepted as an approved signatory for the Prompt Payment Code (PPC).
The Prompt Payment Code sets standards for payment practices and best practices and is administered by the Chartered Institute of Credit Management on behalf of the Department for Business, Energy and Industrial Strategy (BEIS). Compliance with the principles of the Code is monitored and enforced by the Prompt Payment Code Compliance Board. The Code covers prompt payment, as well as wider payment procedures.
From September 1 2019, any supplier who bids for a government contract above £5m per annum will be required to answer questions about their payment practices and performance. If they are unable to demonstrate that they are paying 95% of invoices within 60 days, they may be excluded from the bidding process.
Cantium Business Solutions is proud to be signed up to the Prompt Payment Code and has a 30-day standard payment term. Signatories pledge to uphold its best practice for payment standards to end the culture of late payment. As outlined on the PPC website, companies that have signed up to the Prompt Payment Code undertake to:
- Pay Suppliers on time
- Within the terms agreed at the outset of the contract
- Without attempting to change payment terms retrospectively
- Without changing practice on length of payment for smaller companies on unreasonable grounds
- Give clear guidance to suppliers
- Providing suppliers with clear and easily accessible guidance on payment procedures
- Ensuring there is a system for dealing with complaints and disputes which is communicated to suppliers
- Advising them promptly if there is any reason why an invoice will not be paid in accordance with the agreed terms
- Encourage good practice
- By requesting that lead suppliers encourage adoption of the code throughout their own supply chains/payment procedures
Paying invoices promptly is vital, particular for smaller businesses. Being recognised as part of the voluntary code of practice reaffirms Cantium’s commitment to operating fair payment terms to suppliers and our commitment to delivering first class payment services.
Small Business Minister Kelly Tolhurst said: “Small businesses are the backbone of our economy and through our modern Industrial Strategy we want to ensure the UK is the best place to start and grow a business. These measures will ensure that small businesses are given the support they need and ensure that they get paid quickly – ending the unacceptable culture of late payment.”
What does this mean for Cantium?
Alongside our recent ISO accreditations, achieving these standards demonstrates Cantium’s commitment to quality and they provide external assurance that our approach aligns to recognized best practice standards. Our compliance with the Code will be monitored by the Government and to ensure that we comply with the principles above we will be assessed on a twice-yearly basis.
At Cantium we welcome feedback and are constantly seeking opportunities to improve how we deliver our services and promote sustainability. The business is committed to maintain these standards and ensure that quality is at the heart of everything we do.
You can read our policy and more about prompt payments on www.promptpaymentcode.org.uk.