Northamptonshire-based membership organisation, NNBN, is proud to celebrate its second anniversary of signing the Prompt Payment Code (PPC), a pivotal initiative to improve payment practices and reduce late payments within the business community.

Since signing the PPC in November 2022, NNBN has demonstrated its commitment to paying suppliers on time, strengthening better supplier relationships within the local business ecosystem, and encouraging other organisations to follow suit.

The Prompt Payment Code sets out clear guidelines for businesses to adhere to best payment practices, with a specific emphasis on ensuring timely payments. Managed by the Small Business Commissioner, the Code covers the prompt payment of invoices and broader payment practices that support a fairer and more transparent business environment.

NNBN Director Simon Cox commented: “The impact of late payments on businesses cannot be underestimated – it disrupts cash flow, stifles growth, and, in extreme cases, leads to business closures. By signing the Prompt Payment Code, NNBN is not only taking responsibility for its own payment practices, but also leading by example within the Northamptonshire business community. We encourage fellow business leaders to make the same commitment and help reduce the negative impact of late payments.”

“NNBN’s commitment to the PPC is a key part of our broader mission to support the local business community. As an organisation active in Northamptonshire, we believe it is vital to raise awareness of the Code and encourage more businesses to sign up to help reduce the burden of late payments.”

The criteria for businesses signing the Prompt Payment Code include:

• Paying suppliers on time.
• Paying 95% of all invoices within 60 days, and 95% of invoices within 30 days where the supplier is a small business with fewer than 50 employees.
• Providing clear guidance to suppliers and encouraging good practice.
• Avoiding any practices that could harm the supply chain.

The Small Business Commissioner, Liz Barclay, oversees the regulation and governance of the Prompt Payment Code, with the authority to investigate complaints against signatories. Businesses that fail to comply may face suspension or removal from the Code.

NNBN is proud to have made a positive impact on the local business economy and will continue advocating for the timely payment of invoices to support sustainable growth for businesses of all sizes.

For more information about the Prompt Payment Code and how to sign up, visit Small Business Commissioner website.