Industrial refrigeration and cooling specialists IRS Ltd are proud to announce they are now an approved signatory of the Prompt Payment Code and fully support its focus on ensuring prompt payment is made to suppliers.
In becoming a code signatory, IRS has pledged to pay their suppliers on time within the terms and conditions agreed at the outset of the contract without attempting to change payment terms and agreements. In addition to this, the company have promised to provide suppliers with clear and easily accessible guidance on payment procedures as well as advising suppliers promptly if there is any reason why an invoice will not be paid to the agreed terms. The code also stipulates that signatories will undertake to pay suppliers within 60 days and will avoid actions that will adversely affect the supply chain.
Mark Parsons, Managing Director at IRS Ltd explains why it is important for IRS to support the Prompt Payment Code. ‘More than 30% of small business have cashflow difficulties due to late payments. We understand that this can be destructive to independent businesses who need this money in their banks on time’. He adds ‘In paying our suppliers on time, it not only benefits them, but it also supports the UK economy and has the potential to benefit us too. In some cases, companies who pay their suppliers on time are rewarded with more favorable pricing and services which makes them more competitive and attractive to customers.’
The Prompt Payment Code is administered by the Chartered Institute of Credit Management (CICM) on behalf of the Department for Business, Energy and Industrial Strategy (BEIS). It currently has more than 1,800 signatories, with each signatory committing to best practice in the fair and equal treatment of suppliers, many of whom are smaller businesses. Over the years, IRS has established great working relationships and partnerships with customers and suppliers alike. The company’s support of the Prompt Payment code is certain to benefit their suppliers, many of whom are small, UK businesses themselves and supply IRS with specialist refrigeration and cooling equipment and spare parts.
For more information about the company’s support of the Prompt Payment Code, please call Nicola on 01527 577999. Alternatively email firstname.lastname@example.org for more information.
Posted on 18/07/2017