Companies named and shamed over late payments but is it enough?

Some of Britain’s largest companies have been named and shamed for paying their suppliers late. BT, British Gas owner Centrica and parts of defence giant BAE Systems are among 18 large firms which have been suspended from the voluntary Prompt Payment Code as a result.

Paul Uppal, the Government’s small business commissioner, said: “Large companies not meeting the code standards need to note their unethical payment practices will not be tolerated.” Mike Cherry, national chairman of the FSB, added: “This second wave of suspensions indicates that the government is serious about tackling the late payments crisis in the UK.”

Jenny Oldfield, CEO of Veritas Commercial Services, said: “There has been enough rhetoric in the past and it is good to see positive, practical action in exposing flagrant breaches of the code. What is important here is whether this wave of negative publicity will have sufficient impact on these corporate giants. It remains to be seen if this action will alter behaviours and deeply embedded credit cultures.”

Veritas Commercial Services, the virtual credit control experts, have produced two highly relevant guides to help businesses combat the scourge of late payment: ‘Handling Delaying Tactics’ and ‘Warning Signs & Difficult Customers’.

You can find out more by clicking on the links below:

Handling Delaying Tactics https://bit.ly/2XNSA6j

Warning Signs & Difficult Customers https://bit.ly/2Dv6lyF