We are proud to announce that Retail Response is one of the first 128 businesses in the UK to receive Fair Payment Code certification.
Previously known as the Prompt Payment Code, the Fair Payment Code is administered by the Office of the Small Business Commissioner on behalf of the Department for Business and Trade. The scheme is a tiered system of Awards aimed at driving best practice and improving payment performance, rewarding businesses that adopt fair payment practices with their suppliers. Retail Response has been awarded a Silver certification.
In 2024 there were 5.5 million SMEs in the UK, representing more than 99% of the business population. However, late payments from larger corporations are a serious issue for many SMEs, resulting in cashflow issues and stunted growth. Xero, which put together a ‘late payments task force’ in 2021, reports that “companies in the FTSE 350 pay up seven days later than smaller firms, on average”.
Since Retail Response was established in 2004, we have always been proud to pay our suppliers promptly and fairly, so we are pleased to receive this recognition which reiterates our commitment to ensuring that payments are made on time.
You can find out more about the Fair Payment Code at Fair Payment Code - Small Business Commissioner.
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