We are delighted to share that Abfad is now part of the Prompt Payment Code (PPC). The PPC is administered by the Small Business Commissioner on behalf of the Department for Business and Trade (DBT) and sets standards for payment practices and best practice, covering not only prompt payments but also wider payment procedures.

The criteria to become a member of the code include: paying suppliers on time; giving clear guidance to suppliers; encouraging good practice; paying 95% of all invoices within 60 days or 30 days in cases where the supplier is a small business with fewer than 50 employees. Moreover, any practices that harm the supply chain must be avoided.

We believe the PPC measures will help ensure fair pay practices for businesses, helping both large companies and small businesses alike benefit from faster payment timescales while avoiding late payment issues.