The Better Payment Practice Campaign
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The Better Payment Practice Code

About the Better Payment Practice Code

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About the BPPG

 
Important Information.
Please Read.

The payontime website has been an invaluable source of advice on late payment for businesses for many years.

The Government has decided not to fund it any longer but has passed it over to the team that developed it.

Now more than ever, businesses need help and advice on late payment as cash gets squeezed.

We want to make this a site run by businesses for businesses.

There are many new features planned for this site to help businesses prevent, and deal with late payment issues.

We would also welcome your views on what you would like to see included on this website to help businesses.

If you have any ideas or suggestions that you think would benefit UK businesses, please use the email link below.

Thank you.

suggestions@payontime.co.uk

Current Reference Rate
For contracts dated on or after 7th August 2002 the late payment interest rate is 8% plus the reference rate. The current reference rate for the period 1st July 2008 to 31st December 2008 is 5.0%. Click here to access our interest calculator.

The Better Payment Practice Group is a cooperative forum of representatives of the business community and Government that seeks to help improve the payment culture amongst organisations trading in the UK.

Bacs Pay Me Direct Campaign
BACS, the industry body behind Direct Debit and BACS Direct Credit, is stepping up its 'Pay Me Direct' campaign to encourage small and medium business owners to adopt good working practices when it comes to using automated payments. BACS offers advice and tips on how to prevent late payments, and provides guidance to organisations about using Direct Debit and BACS Direct Credit. For more information, go to the Pay Me Direct website

Are you a prompt payer? Commit to the Better Payment Practice Code!

If you:

  1. Agree payment terms at the outset;
  2. Explain your payment procedures to suppliers;
  3. Pay bills in accordance with agreed terms;
  4. Tell suppliers without delay when an invoice is contested, and settle disputes quickly.

Then sign up to the Better Payment Practice Code! When you sign up to the Better Payment Practice Code, you have the option to display your contact details and website address. You can also add your company to the sector of business you are in. There is currently no charge for this service.

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The Forum of Private Businesses. Federation of Small Business Credit Services Association Association of British Insurers The ACCA British Bankers Association Factors and Discounters Association British Chambers of Commerce Institude of Credit Management Institute of Directors CMRC Chartered Institute of Management Accountants Institute of Chartered Accountants The CBI Small and Medium Enterprise Council Small Business service The Institute of Export The Institute of Purchasing and Supply

Links to third party web sites are provided purely for convenience and on the understanding that the Better Payment Practice Group, its individual and corporate members have no control over the content of those sites and make no recommendations or warranties in respect thereof. Neither do they accept any responsibility or liability for the contents of third party web sites or the consequences arising from accessing them or making use of or relying upon the information contained therein.

The BPPG wishes to thank the Institute of Credit Management for their assistance in providing credit management advice, and also Burt Edwards who wrote the original 'Better Payment Practice' guide.

Source: Department of Trade and Industry "Better Payment Practice". Crown Copyright 1998.

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IMPORTANT NOTICE
The Better Payment Practice Group and its individual members have taken reasonable care in sourcing and presenting the information
contained on this web site, but no responsibility is accepted for any financial or other loss or damage that may result from its use.

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