As of the start of August 2020, CCM officially became a signatory on the PPC database. The Prompt Payment Code (PPC) is a voluntary code in the UK that sets standards for payment practices and is administered by the Small Business Commissioner on behalf of the Department for Business, Energy and Industrial Strategy (BEIS). The PPC is about encouraging and promoting best practice between organisations and their suppliers.
Code signatories undertake to:
- Pay suppliers on time
- within the terms agreed at the outset of the contract
- without attempting to change payment terms retrospectively
- without changing practice on length of payment for smaller companies on unreasonable grounds
- Give clear guidance to suppliers
- providing suppliers with clear and easily accessible guidance on payment procedures
- ensuring there is a system for dealing with complaints and disputes which is communicated to suppliers
- advising them promptly if there is any reason why an invoice will not be paid to the agreed terms
- Encourage good practice
- by requesting that lead suppliers encourage adoption of the code throughout their own supply chains
At CCM, we believe it is vital to build on and strengthen existing and new relationships across the supply chain, by ensuring certainty on payment and inspiring confidence in our suppliers that payment will be prompt and in line with the agreed terms.
Through becoming a signatory of the Prompt Payment Code, we demonstrate to our suppliers that we are committed to good payment practice and are a professional and respectful company to work in conjunction with.
Confidence within the supply chain is not only beneficial to suppliers and customers, but it also helps to stimulate investment and growth on a wider scale and is fundamental in bringing about a culture change in late payment, as well as boosting the economy.
“As the owner of a small business, cashflow and managing a secure and sustainable income is absolutely vital. In simple terms it means we get to pay our mortgages and bills each month. We have worked with CCM for a number of years and every month, without fail, we have received prompt payment. This helps our cashflow considerably and we’re extremely thankful. The CCM team is a great bunch to work with too, which is a bonus.”
Managing Director, Glow