Albion News Update

Albion Environmental Ltd sign up to the Prompt Payment Code

What is the PPC?

The Prompt Payment Code (PPC) is a voluntary code of practice for businesses, administered by the Office of the Small Business Commissioner (SBC) on behalf of BEIS. It was established in December 2008 and sets standards for payment practices between organisations of any size and their suppliers.

In January 2021, the Code was been strengthened, some of the changes are highlighted below:

• confirming the requirement to pay 95% invoices within 60 days
• introducing an added requirement that 95% invoices from small businesses (with less than 50 employees) must be paid within 30 days (effective from 1 July 2021 for existing signatories)
• suppliers should be provided with a contact point for payment queries

Why did we join?

We agree with the SBC that paying suppliers promptly and within agreed terms is not only an ethical responsibility but economically beneficial for all parties and the wider economy.

Speed and certainty of payment and stable cashflow are essential for all businesses to flourish and grow.

As a signatory of the code – Albion Environmental Ltd are demonstrating our commitment to prompt payment, which is visible to suppliers, partners, and potential customers.

This not only provides assurance to suppliers but shows corporate responsibility which may be beneficial when tendering for new contracts.

Albion Environmental Ltd commit to always paying our invoices and will contact our supplier to query and resolve any issues that may arise. If any supplier has an overdue balance, we will always welcome a statement to be resent to ensure we process payments on time.

For more info on PPC, or to sign up your Organisation – visit https://www.smallbusinesscommissioner.gov.uk/ppc/