“Late payment affects every company large and small, harming reputation and damaging business relationships.”
Mark Flower, Managing Director of Prompt Payer
Financial Times, 12 May 2007
“Prompt Payer leading authority in prompt payment and number one ethical trading register in the UK, has called for improved standards across industry.”
The Telegraph Business Club, 15 May 2007
“At any given point nearly 50 percent of all invoices are overdue, resulting in thousands of businesses filing for bankruptcy and a loss of 450,000 jobs each year, according to research carried out by Prompt Payer”
The Scotsman, 15 May 2007
“It has been found that 23 percent of late payment is due to businesses having financial problems and that intentional late payment is actually the most frequent cause for not paying invoices on time”
The News, 18 May 2008
The Prompt Payer register was founded in 2003 by Adrian Llewellyn-Jones. The business idea was born out of frustration with poor payment practices in the UK, which adversely affect thousands of businesses, bringing many into bankruptcy and closure.
Despite government legislation and the Late Payment of Commercial Debts Act 1998, which allows for interest to be charge on all late invoice at 8% plus the bank rate, only 21% of businesses use statutory penalties to enforce late payment. The situation is worsening with the average payment period of 57 days in 2003, rising to 73 days in 2009.
The Prompt Payer Register Goal
To gather together like-minded businesses who are proud to advertise that they pay their bills on time. To promote businesses who wish to be acknowledged as honourable and trustworthy to deal with and whose word is their bond.
In short, those companies who believe in Integrity in Business.
The Prompt Payer Register has compiled a number of relevant products and services, which help maintain and promote prompt payment and good business practise. These services span from financial and banking to telecommunications and insurance cover. Working with carefully selected companies, Prompt Payer has negotiated favourable terms and rates with these service providers, which are available to all Prompt Payer Members.
The Prompt Payer Register has also developed Prompt Payer Rewards, a benefits program that has been created to give an extra reward to those working for a Prompt Payer Registered Company. Powered by Prompt Payer, the service is designed to save time and offer exclusive access to a range of offers and promotions that are not available to the general public.
Through Prompt Payer Rewards members and their teams will enjoy preferential rates, discounts and free extras on holidays, insurance, music, computers, books, experiences, toys and much more using the buying power of our thousands of members across the UK.
Prompt Payer Rewards has hundreds of partners dedicated to offering the best deals, latest products and most valuable services available, direct to Prompt Payer registered companies.
The Prompt Payer Register was also created to help support the Cystic Fibrosis Trust. The Cystic Fibrosis Trust is a charity that funds research to find an effective treatment for Cystic Fibrosis through gene therapy. At present, Cystic Fibrosis is the UK's most common life-threatening inherited disease and there is no known cure. Prompt Payer host fundraising events in support of the Cystic Fibrosis Trust.
There are many good reasons to join the register and there are many benefits to be enjoyed. To answer some of the questions you might have click here. First and foremost, membership to Prompt Payer will enhance the credit rating of established and new businesses.
For further details about Prompt Payer, please contact us on firstname.lastname@example.org