Cashflow is the lifeblood of the SME and faster invoice payments means that they can invest more in their business. Previse are thrilled to be a progress enabler for Good Business Pays. We believe that with the use of data and technology in speeding up invoice payment, SMEs are able to focus on their business and help deliver a stronger, more inclusive recovery.
Enabling fast payments
We’re proud to be the first large company to sign-up to the Good Business Pays campaign. SMEs are the engine of our economy, as we look to build back better post-pandemic it’s critically important they can be paid when they need it to manage cash flow. At Mastercard we are not only committed to paying our own suppliers promptly, but also developing flexible solutions for businesses to pay and be paid.
As the largest supporter of UK businesses, we understand the difference that prompt payment makes to businesses throughout the supply chain which is why we are supporting the Good Business Pays campaign. Throughout the pandemic we have maintained immediate payment on goods and services receipt, which exceeds our commitment to the Government’s Prompt Payment code. We are proud to have been awarded the Fast Payer Accreditation by Good Business Pays for 2021, and we will continue to meet this standard as a bank that is committed to helping SMEs thrive and achieve their potential.
As small businesses continue to brace themselves for what is an increasingly difficult trading environment, it’s more important than ever that they have confidence in their cash flow and can depend on the businesses they supply to pay them on time.
What’s more, late payments can prevent new hiring opportunities or investment back into the business. In the worst case scenarios, the business might be forced to close.
This is why we’re proud to be joining Good Business Pays, to call on the social conscience of the worst offenders and help stamp out this poor practice. Let’s put an end to late payments and unlock the full potential of the nation’s hard working businesses.