Construction companies agree to ensure suppliers are paid on time

Could late payments soon be a thing of the past? Take a look at the changes currently taking place.

06th May 2014

Late payments a thing of the past?With construction industry late payments high on the government agenda, nine major construction firms have now committed to ensuring their suppliers are paid within 30 days with no retentions. These nine companies will reduce payment terms to 60 days with immediate effect, and 30 days from January 2018. They have also agreed not to delay or withhold payments and have guaranteed that all payments will be made electronically to ensure that they are instant. Could this spell the end of supplier late payment in the construction industry?

All those who have signed the charter have agreed to apply the fair payment commitments in dealings with their respective supply chains, to be independently monitored for the purpose of compliance and to consider the performance of their supply chain against KPIs when awarding future contracts. The government’s aim is to reduce late payment in the construction industry to support builders’ merchants and help them to grow their businesses and in turn support the economy, and larger construction companies are now realising the benefits of guaranteeing payments on time. The next step is to encourage more companies to do the same.

If you run a builders’ merchant or other construction industry retail business that has struggled with late payments and are yet to receive the support you need to keep your company afloat, retail management software can help. Integrity Trader’s point-of-sale software can provide you with the tools you need to better monitor your profits, keep an eye on stock levels and manage customer accounts. If you’re interested in investing in our intelligent software, why not get in touch with the team today to discuss how we can help?

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