SFA partners with Government to combat late payment culture

Tuesday, 28 February 2017

    • Ireland’s late payment culture must be consigned to the past
    • Average payment to a small firm takes 62 days
    • SFA partnering with Government on new Prompt Payment Code Portal

The Small Firms Association (SFA) is partnering with the Government on the new Prompt Payment Code Portal, which is being officially launched today, Monday, 27 February 2017, by the Minister for Small Business, Pat Breen TD.

Linda Barry, SFA Assistant Director, stated: “Getting paid on time is a never ending problem for small business. Our surveys show that cashflow management is consistently among the top risks identified by small businesses in Ireland. On average it takes 62 days for a small firm to get paid, even though the majority of contracts offer credit terms of just 30 days. This culture of late payments makes it difficult to pay staff and suppliers, it requires firms to extend overdraft facilities and consumes a great deal of management time. This makes it extremely challenging to run a successful business.”

“The launch of the new Prompt Payment Code Portal is a marker in the sand. From now on, we must consign the culture of late payments to the past. We are calling on all businesses that want to get paid on time and are committed to paying on time to join the prompt payment movement by signing up to the Prompt Payment Code at www.promptpayment.ie,” Barry concluded.

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For further comment or interview, contact Linda Barry, SFA Assistant Director, on tel: 01 6051626 / 087 1472811 or email: linda.barry@sfa.ie
Alternatively, contact Patricia Callan, SFA Director, on tel: 01 6051602 / 087 6999345 or email: patricia.callan@sfa.ie
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