The Better Payment Practice Campaign
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The Better Payment Practice Code

About the Better Payment Practice Code

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Are you a prompt payer?
Then sign up to the
Better Payment Practice Code!

If you:

  1. Agree payment terms at the outset;
  2. Explain your payment procedures to suppliers;
  3. Pay bills in accordance with agreed terms;
  4. Tell suppliers without delay when an invoice is contested, and settle disputes quickly.

Then sign up to the Better Payment Practice Code! When you sign up to the Better Payment Practice Code, you have the option to display your contact details and website address. You can also add your company to the sector of business you are in. There is currently no charge for this service.


Current Reference Rate
For contracts dated on or after 7th August 2002 the late payment interest rate is 8% plus the reference rate. The current reference rate for the period 1st July 2008 to 31st December 2008 is 5.0%. Click here to access our interest calculator.

Bacs Pay Me Direct Campaign
BACS, the industry body behind Direct Debit and BACS Direct Credit, is stepping up its 'Pay Me Direct' campaign to encourage small and medium business owners to adopt good working practices when it comes to using automated payments. BACS offers advice and tips on how to prevent late payments, and provides guidance to organisations about using Direct Debit and BACS Direct Credit. For more information, go to the Pay Me Direct website
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We wish to thank the Institute of Credit Management for their assistance in providing credit management advice, and also Burt Edwards who wrote the original 'Better Payment Practice' guide.

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