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Council's early payment drive supports local businesses

News release: 16/8/18 - Hillingdon Council has become one of the first local authorities in London to launch an early payment scheme aimed at supporting local businesses and making savings.

money

Following a review of its Purchase to Payment (P2P) processes, the council has introduced a new voluntary programme where suppliers can opt to pay a rebate to the council in exchange for early payment. The quicker the payment, the higher the rebate.

The scheme, known as Hillingdon Supplier Incentive Programme, is expected to be particularly attractive to smaller local businesses, which will receive the benefit free of charge.

Although the rebates generated on each transaction are relatively small, the accumulative effect will potentially provide the council with an additional revenue stream in excess of £1 million over the next five years.

Hillingdon Council has been working with leading early payment provider, Oxygen Finance, to deliver the scheme. The aim is to pay supplier invoices within seven days, injecting millions of pounds of liquidity into the economy.

Councillor Jonathan Bianco, Cabinet Member for Finance, Property and Business Services, said: "For us this is a win-win scheme: we save money, while giving our many valued suppliers the benefits of being paid earlier.

"It's also another example of how we're always striving to find innovative ways of tightening our processes and doing things more efficiently.

"Ultimately, our priority is ensuring that we're giving residents the best value for money."

If you are a supplier to Hillingdon Council and wish to find out more or sign up, please visit: Hillingdon Council Supplier Incentive Scheme
 

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Article utilities:  Bookmark and Share Print Print this page Last updated: 21 Nov 2018 at 09:40