Partner Article

Croydon businesses to benefit from new early payment scheme

Croydon is the first London borough to launch a new early payment scheme for businesses who supply goods and services to the council.

According to the council, The Croydon Premier Supplier Programme will mean ‘faster processing of invoices’ in return for a small rebate, which is calculated using the number of days the invoice payment is accelerated.

As part of the council’s pledge to promote social value in how it commissions contracts, locally-based suppliers will be invited to join the programme without deduction of a rebate.

Croydon currently uses approximately 3,000 suppliers that provide services to the council.

The new programme helps to address the Croydon Challenge – the council’s bid to save £100m by 2018.

It will see the council working with London Councils and London Ventures to encourage other boroughs to adopt the same payment model.

Councillor Simon Hall, cabinet member for finance and treasury said the new programme will help the council achieve two major benefits: “It helps Croydon businesses and supports the local economy, while also generating an income to the council which can be reinvested in delivering our most important services to residents.

“It is a great opportunity for us to be more efficient, and more effective, while setting us apart from other London boroughs as leaders in innovation.”

This was posted in Bdaily's Members' News section by Ellen Forster .