Academic journal article Manager

Bacs and ICM Highlight Late Payments Issue

Academic journal article Manager

Bacs and ICM Highlight Late Payments Issue

Article excerpt

Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit, has announced a working partnership with the Institute of Credit Management (ICM) to drive further awareness across the whole business community about the Prompt Payment Code and the importance of paying on time.

Backed by the government, the Prompt Payment Code (PPC), launched by the ICM in December 2008, has been designed to encourage and promote best practice between organisations and their suppliers. The Code is hosted by the ICM at www. promptpaymentcode.org.uk

Bacs, a not-for-profit organisation, has invested in researching the issue of late payments and raising awareness of its impact on all businesses, particularly SMEs, since 2004.

The latest wave of research carried out in December 2009 revealed that British SMEs are waiting an average of 41 days longer than their original agreed payment terms before invoices are paid. This was an increase of 9.5 days on June 2009.

As an extension of this activity, Bacs will be working with ICM on a number of initiatives to further raise awareness of the issue, with the aim of positively impacting on entrenched business practices. …

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