Industry & Business

Late Payment Threatens Survival of Small Business – Minister Breen

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Late Payment Threatens Survival of Small Business – Minister Breen

Late Payment Threatens Survival of Small Business – Minister Breen
February 28
11:20 2017

Minister of State for Employment and Small Business Pat Breen met with the Prompt Payment Code Stakeholders to discuss the importance of paying on time and launched a public campaign to promote awareness of the Prompt Payment Code (PPC) and encourage membership among businesses in Ireland, the Department of Jobs announced on Tuesday.

By signing up to the Code and displaying the PPC Seal received upon registration, businesses are sending out a clear signal to their suppliers, and any potential suppliers, that they pay their bills on time. Signatories to the Code also commit to best practice by giving clear guidance to their suppliers on their payment and dispute resolution procedures and by encouraging adoption of the Code through their own supply chains.

As part of the Awareness Campaign a PPC portal has been developed where, in addition to signing up to the Code, businesses can also find information and advice on prompt payment. The new PPC portal which is maintained jointly by the Department of Jobs, Enterprise and Innovation and the Irish Institute of Credit Management (IICM) also contains a streamlined sign up process where businesses can now sign up to the Code in less than two minutes.

“We all know how important cash flow certainty is for companies and, in particular, for SMEs,” Breen said. “It can mean the difference between staying in business and going under. Few things can threaten the survival of a small business more than late payment. It can affect its ability to pay bills, salaries and other operating expenses.

While Government has already taken a number of steps to improve the payment culture in Ireland through the introduction of the prompt payment legislation and initiatives such as the 15 day prompt payment commitment, it has also led by example in supporting the PPC. Departments and their Agencies have signed up to the Code. I now urge more businesses in the private sector to follow suit and sign up.   If you pay on time why not let your suppliers, and indeed any potential suppliers, know that you are a prompt payer. The Prompt Payment Code is your initiative. It now needs to be supported by you.

“ Paying on time is the right thing to do. Signing up to the Prompt Payment Code and committing to do this is the right thing to do. And I believe that if businesses do the right thing and sign up to the PPC, this important prompt payment initiative can make a real difference in addressing the culture of late payment in Ireland”

The PPC was developed by the ISME, SFA, Chambers Ireland and IBEC, with support from the Banking and Payments Federation Ireland, (BPFI), the IICM, Intrum Justitia, Credit Space and the Department of Jobs, Enterprise and Innovation.

 

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