The Small Business Commissioners Office has approved North Northamptonshire membership organisation NNBN for the Prompt Payment Code.
NNBN director Simon Cox said: “We are keen for our suppliers and those wishing to trade with NNBN Ltd to know that we pay our invoices on time and, if anything, work towards a zero creditors policy meaning that NNBN takes payment of suppliers extremely seriously and understands that late payments can have an impact on small businesses.”
Pictured: Simon Cox and NNBN co-founder Marie Baker.
The criteria for joining the Prompt Payment Code are:
- Pay suppliers on time;
- Give clear guidance to suppliers;
- Encourage good practice;
- Pay 95% of all invoices within 60 days;
- Pay 95% of all invoices within 30 days where the supplier is a small business with fewer than 50 employees;
- Avoid any practices that have an adverse effect on the supply chain.
“Many small businesses struggle with cashflow challenges and we want to give our suppliers confidence that they will be paid on time going forward,” Mr Cox said. “We are also committed to ensuring our NNBN members and local businesses within North Northamptonshire are aware of the PPC and the work of the Small Business Commissioner so businesses within our community can gain further support if they are struggling with late payment issues.”
Small Business Commissioner Liz Barclay called on other businesses to follow NNBN’s lead. “It is encouraging to see that NNBN recognises the value of being a signatory to the code and as a result have put in the hard work to improve their payment practices,” she said. “I urge all businesses to demonstrate their commitment to ethical payment practices and become signatories to the code”.
Find out more at www.smallbusinesscommissioner.gov.uk/ppc/