Corporate Management Advisor,
Carmel Donnelly is Corporate Management Advisor at the Co-operative Bank based in Manchester. She first came to hear about Prompt Payer through one of the Relationship Managers at the company.
The Co-operative Bank has been a member of Prompt Payer for 3 years. What originally attracted the company to become a member was the beliefs of the register, which are in line with the Co-operative Bank's own i.e. that suppliers are stakeholders from which long-term sustainability as a business is dependent on and therefore it is important to pay on time. By becoming a member of Prompt Payer, this provides an illustration of the Co-operative Bank's commitment to suppliers, adding benefit by showing they are a trustworthy and honourable company to do business with.
Carmel Donnelly says: “We recognise that the success of our business is dependent on good relationships with a number of stakeholders of which suppliers are one. Payment of suppliers is essential in maintaining a good relationship therefore Prompt Payer provides an illustration of our commitment to good business practice.”
BUPA has been a member of Prompt Payer for 2 years and what originally attracted the company to the register was the opportunity to be part of an innovative idea and scheme that supports prompt payment.
The benefits BUPA has experienced since becoming a member of Prompt Payer include being able to display the logo on materials, showing it is an honorable, ethical and trustworthy company. In addition, being a member of the register means that time and resources do not have to be wasted chasing invoices. This is because people either pay on time being aware that BUPA is a prompt payer, or the company outsources the task to chase late payment utilising Prompt Payer's additional services.
BUPA says: “It is important for small to medium sized enterprises to be paid on time, allowing them to be able to pay promptly themselves. Prompt Payer helps to ensure businesses trade ethically with one another and encourages better payment practice across the board, protecting the health of British business.”
Multimedia International Services
Multimedia International Services is based in Blackpool and first came to hear about the Prompt Payer register through Mark Flower, an old business contact and currently MD of Prompt Payer.
Cash flow is often a problem in the business and late payment has a substantial impact on development of the company as it prevents it from growing and moving forward. This was therefore the main motivation for joining the register, including the fact that via Prompt Payer, Multimedia International Services also supports a charitable organisation, the Cystic Fibrosis Trust. The company also started off as a small enterprise, and in the early days, a number of organisations supported the business by paying on time and using the company over larger organisations. Multimedia International Services now wishes to return the favour.
Multimedia International Services has been a member of Prompt Payer for 2 years and the benefits it has received so far include an audit to see if it is a company that pays on time itself. Results reveal that 98% of invoices in the past have been paid to terms, providing the business with the reassurance that it is an ethical company to trade with.
By becoming a member of the register this has also helped the company to identify other businesses it can partner with. The Prompt Payer logo can be used when speaking to suppliers so that they understand the philosophy of what it means to be a member, which can help with negotiation of payment terms.
So bought into the Prompt Payer philosophy is Multimedia International Services that it has also recommended the register to a number of suppliers. Prompt Payer membership says the type of company you are what you stand for.
Dave Ravenscroft, comments: “As a business grows it is easy to lose track of the finer details and to stop maintaining high standards, therefore it is reassuring to qualify for Prompt Payer membership as it shows standards are being upheld. In addition, it is always difficult to find suppliers with the right credentials and by joining Prompt Payer this is a means of filtering through to find successful and trustworthy companies to do business with.”