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Prompt pay pays off: Challenging a culture of late payments to suppliers
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Terry Corby, Founder and CEO of Good Business Pays CIC, discusses an often under-estimated aspect to maintaining a healthy supply chain and fostering innovation: prompt payment.
In this episode, Terry and host Simon Lipscomb discuss:
- The consequences of late payments to suppliers in the UK, including pushing 50,000 small businesses into closure every year
- The benefits of faster payments for purchasing organisations
- How Good Business Pays is using payment data to change the behaviour of the worst slow payment offenders
- The UK Government's response to the issue, and what a change of government might mean for slow payers
Listen to the podcast below: