Information for suppliers on early payment arrangements
Introduction
The Supplier Incentive Scheme is an early payment programme designed to give suppliers the opportunity to be paid earlier than their contracted terms. This initiative also aims to enhance the council’s payment processes.
Suppliers who join the Supplier Incentive Scheme can opt to be paid as soon as their invoice is authorised, ahead of the standard 30-day terms. In exchange, a small, pre-agreed rebate is applied to the invoice. The rebate is calculated based on the number of days the payment is accelerated, with the goal of paying suppliers by day 10. The rebate is only applied if the invoice is paid earlier than 30 days.
Benefits of the Supplier Incentive Scheme
We believe that strong supplier relationships are crucial to achieving our strategic goals. Early payment can significantly impact the growth and development of your business. With SIS, you’ll benefit from improved cash flow and reduced time spent chasing payments.
Our Partner
We are collaborating with Oxygen Finance, the leading provider of early payment programmes in the UK. They work with councils across the country, and thousands of suppliers participate in their programmes.
To find out more about the programme, you can:
• Visit our site: North Tyneside Council | Supplier Incentive Scheme webpage
• Email north-tyneside@oxygen-finance.com
No PO No Pay Policy
Below you can find our No PO No Pay Policy
