Ibec, the group that represents Irish business, has welcomes the launch of the new prompt payments portal and awareness campaign. The code which has been developed by the Department of Jobs, Enterprise and Innovation in co-operation with Ibec and other representative groups has three main objectives: to encourage and promote best practice between businesses and their suppliers; to improve cash flow between businesses; and to drive a change in payment culture.
Ibec Senior Economist Gerard Brady said: "Encouraging efficient payment processes between companies is of benefit to all parties involved. It reduces pressure on cashflow, allows greater certainty in planning and can be the difference between success and failure for small firms in particular. The code does not change the legal status of contracts between firms but it does mean companies are publicly committing to meeting agreed payment terms with their suppliers.
“There are benefits too from the purchaser point of view. Being a signatory increases your visibility as a trusted partner in the supply chain and is a key part of corporate responsibility to encourage a better business environment. Ibec as a business itself is a signatory to the code and we encourage all our members to follow that lead. "
The new PPC portal which can be found at - www.promptpayment.ie.