The BPPC was established to promote a better payment culture within the UK and urges all firms to adopt a responsible attitude to paying on time.
Companies can support the work of the Group by signing up to the Better Payment Practice Code, and agreeing to uphold the four cornerstones of prompt payment:
1. Agreeing payment terms at the outset of a deal and stick to them
2. Explaining payment procedures to suppliers
3. Paying bills in accordance with any contract agreed with the supplier or as required by law
4. Telling suppliers when an invoice is contested and settling disputes quickly
By agreeing to these terms and signing up to the Code, businesses send a clear signal to their customers and suppliers of their commitment to good credit management and paying on time.