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Credit institute sees signs of better payment

BIGGER BUSINESSES are getting the message about paying up, believes Institute of Credit Management chief executive Philip King.

He cited the latest Prompt Payment Code figures, which now include 1,334 businesses signed up; including recent joiners Britvic, Paypoint and QinetiQ, plus the popularity of the ICM’s own downloadable cashflow guide as evidence of a change in mindset.

King said: “Political and media pressure have no doubt helped to bring the late payment debate out into the open.

“It should always be remembered that the code is not new ‘legislation’, but rather a commitment to good practices. While highlighting those who fail to sign up to the code may indeed find popular support, much more can be gained by encouraging best practice and ensuring businesses have the information and tools they require to develop a mutually beneficial trading relationship.”

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