Helping Bath businesses get paid on time

Getting paid promptly is vital to business, especially smaller suppliers. That is why Don Foster MP is urging Bath’s businesses to sign the Prompt Payment Code as part of the Government’s ‘Business in You’ campaign.

The Prompt Payment Code is about encouraging and promoting best practice between organisations and their suppliers. Signatories to the Code commit to paying their suppliers within clearly defined terms, and commit also to ensuring there is a proper process for dealing with any issues that may arise.

The Prompt Payment Code requires signatories to:

1 - Pay suppliers on time

2 - Give clear guidance to suppliers

3 - Encourage Good Practice

Commenting, Don Foster, MP for Bath said:

“I know late payments can cause real problems for businesses in Bath and am therefore very pleased that the Government is taking the lead in tackling this problem.

“Over 1,000 businesses are now taking part in the scheme nationwide but hopefully thousands more will get involved. Certainty on payment inspires confidence across the supply chain - confidence stimulates investment and growth.

“In addition to this scheme, 1,000 specially trained financial mentors are being provided to offer support to businesses. I really hope anybody interested takes advantage of this help offered by Mentors Me.”

Businesses can sign up at www.promptpaymentcode.org.uk and www.mentorsme.co.uk