County council to introduce early payment scheme
A scheme which could help to boost business and save the taxpayer money has been launched by West Sussex County Council.
The Supplier Advantage Initiative (SAI) is designed to enable firms to get prompt early payment of their invoices in exchange for a small percentage discount.
All funds generated by the county council through the new scheme will be reinvested back into the payment process and council frontline services.
The authority is working with Oxygen Finance Ltd to introduce the service that will not only see improved processes but also provide opportunities to develop even better long-term solutions.
Bob Lanzer, WSCC’s cabinet member for corporate relations, said: “The new initiative achieves three major benefits. It helps the county’s supply chain and supports the economy, while also generating an income for the council which can help us deliver our most important services to residents.
“Suppliers who use the service will see improvements to their cash flow and working capital and will be able to access a range of services such as e-invoicing, account support, prioritised query response times and increased visibility within the organisation.
“Working in partnership with our suppliers is essential for our mutual success and this initiative will allow us to pass real cash flow benefits back to companies and make it easier for them to do business with us.”
The SAI is voluntary and suppliers who choose not to join or for who it is not suitable will remain on their existing contracted payment terms.
The scheme will be rolled out to suppliers on a phased basis.
WSCC suppliers can find out more information about the SAI and see if they are eligible to join, by visiting http://response.oxygen-finance.com/wscc-sai-homepage
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