The new Fair Payment Code is designed to tackle the late payment issues small businesses face, which have significantly worsened with rising inflation and instability.
With over 25,000 small businesses declaring insolvency in 2023, the need for new payment solutions has never been more urgent as rising costs weigh down operations.
The average SME incurs approximately £22,000 in costs yearly because of unpaid invoices, as a third of payments to small businesses arrive late.
The Fair Payment Code seeks to incentivize prompt payments while fostering a fairer environment, establishing principles that reward companies for their timely payment practices.
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