Clare Minister of State for Employment and Small Business, Pat Breen, is urging small companies to sign up for the Prompt Payment Code (PPC).
Minister Breen met with the Prompt Payment Code Stakeholders to discuss the importance of paying on time and launched a public campaign to promote awareness of the PPC.
By signing up to the Code and displaying the PPC Seal received upon registration, businesses are sending out a clear signal to their suppliers, and any potential suppliers, that they pay their bills on time.
Signatories to the Code also commit to best practice by giving clear guidance to their suppliers on their payment and dispute resolution procedures and by encouraging adoption of the Code through their own supply chains.
Speaking at today’s campaign launch, Minister Breen said: “We all know how important cash flow certainty is for companies and, in particular, for SMEs. It can mean the difference between staying in business and going under. Few things can threaten the survival of a small business more than late payment. It can affect its ability to pay bills, salaries and other operating expenses.”
Minister Breen added: “ Paying on time is the right thing to do. Signing up to the Prompt Payment Code and committing to do this is the right thing to do. And I believe that if businesses do the right thing and sign up to the PPC, this important prompt payment initiative can make a real difference in addressing the culture of late payment in Ireland”
The PPC was developed by the main business representative bodies – ISME, SFA, Chambers Ireland and IBEC – with support from the Banking and Payments Federation Ireland, (BPFI), the IICM, Intrum Justitia, Credit Space and the Department of Jobs, Enterprise and Innovation, all of whom are here today at the launch to reiterate their ongoing support for the Code and advocate sign up amongst their members.