Our commitment to the Prompt Payment Code
‘The Prompt Payment Code (PPC) is a voluntary code of practice for businesses, administered by the Office of the Small Business Commissioner on behalf of the Department for Business, Energy & Industrial Strategy (BEIS). It sets standards for payment practices between organisations of any size and their suppliers.
The Office of the Small Business Commissioner is responsible for regulation and governance of the PPC and of signatories of the code. It has the power to determine which companies become signatories and to then investigate any complaints concerning those signatories.
The code covers prompt payment, as well as wider payment procedures. Code signatories undertake to:
- Pay suppliers on time
- Give clear guidance to suppliers
- Support good practice throughout their supply chain by encouraging adoption of the code
It requires signatories to undertake to pay 95% of invoices within a maximum of 60 days, work towards adopting 30 days as the norm and avoid any practices that adversely affect the supply chain.
Becoming a signatory of the PPC, and committing to good payment practices, benefits both suppliers and customers and is fundamental to bringing about a culture change in late payment and in helping to boost the economy.
Helen Windle, FCCA, Chief Financial Officer at Indesser states:
"Signing up to the Prompt Payment Code is a commitment to our supply chain that we are proud to make public. The partnership between Indesser and our supply chain of FCA-accredited Debt Collection Agencies and other suppliers is hugely important to us. I am pleased to say that Indesser is already compliant with the Code as we already make payments to our suppliers within contractual term and pay over 95% of invoices within 60 days. However, COVID-19 has placed additional burdens on our supply chain, including the need for them to re-engineer their businesses to adapt. During lockdown we continue to work with impacted suppliers to do what we can to support them. This has emphasised the importance of the partnerships we have built with our supply chain over the last five years."