The National Small Business Chamber (NSBC) is championing the importance of Big Business and Government paying SME suppliers within 30 days - click here to show the Smaller Business Sector your commitment to them. SME’s as defined in the Codes of Good Practice are those entities with an annual turnover of R35m or less.
Late payments at all-time high as SMEs wait too long to get paid
Late payments to SMEs reach all-time high
Average amount owed to each SME at highest level
Big business to blame for SMEs waiting for payment
More than half of all SMEs burdened with late payments
SMEs are going out of business due to late payments
"We see SMEs going out of business every day, in many cases due to cash flow as a result of late or non-payment.
Prompt payment is vital to the cash flow of every business, and especially to smaller businesses. The Prompt Payment Code is about encouraging and promoting best practice between government, larger organisations and their SME suppliers." - Mike Anderson: NSBC Founder & CEO
Sign up now and display the Proud Signatory to the Prompt Payment Code (logo) on your website & stationery!
BECOMING A SIGNATORY MEANS YOU COMMIT TO:
Pay suppliers on time Within 30 days one the final valid compliant invoice is received.
Give clear guidance to suppliers Providing suppliers with clear and easily accessible guidance on payment procedures. Advising within 7 days if the invoice is incorrect.
Encourage good practice By promoting the code throughout their own supply chains.
* All submissions will be reviewed. On approval you will receive an email confirmation of your listing as a signatory of the Prompt Payment Code.
Want to know more about the Prompt Payment Code? See the most frequently asked questions here.