RFL is delighted to have been awarded the Good Business Pays ‘Fast Payer Award’, which recognises companies that have demonstrated excellent payment practice to their suppliers consistently over the last 12 months.
The award recognises businesses that pay at least 95% of their invoices on time and within 30 days or less – in line with the government’s guidelines in the Prompt Payment Code.
“Prompt payment of suppliers makes good business sense as it’s more efficient for both the supplier and ourselves. Being respectful to the cash flow needs of our suppliers helps foster good business relations with them and results in good outcomes for both parties”.
Finance Manager, Paul Singleton
Terry Corby, Chair of the Good Business Pays campaign, commented:
“I’m delighted to be awarding The Reclaim Fund with the Good Business Pays “Fast Payer award”. The award recognises the big businesses that are supporting their small suppliers by making responsible payment practices a business priority. Paying invoices faster has never been easier with technology enabled systems available, so there really is no excuse.”
A study carried out by the Centre for Economics and Business Research (CEBR) in 2021 estimated that if small businesses’ invoices were paid on the day they were submitted, their revenues would increase by over £40bn per year. This could provide a significant income boost for small businesses, helping them play a stronger role in the UK’s economic recovery.
Backed by the Federation of Small Businesses, the CBI, manufacturers group Make UK, the BCC, IoD and the Creative Industries Federation, the Good Business Pays movement was launched in May 2021 to encourage the UK’s largest companies to fast-track payments to small suppliers, helping them bounce back and inject vital capital into the economy.
To find out more about the Good Business Pays principles, pledge support for the campaign and explore the CEBR study, visit goodbusinesspays.com