About the Prompt Payment Portal
The Prompt Payment Portal, which hosts the Prompt Payment Code, is about encouraging and promoting best practice between organisations and their suppliers. The focus of the portal is to provide information based on best practice to all parties in the supply chain in order to improve the payment process and cycle. The portal is maintained jointly by DBEI and the Irish Institute of Credit Management (IICM).
Background to the Prompt Payment Code
The Prompt Payment Code, which is hosted through this online portal, was launched in March 2015. It was developed by business for business with the aim of improving cash flow between business and moving towards a culture of prompt payment in Ireland.
The Code is supported by the Department of Business, Enterprise and Innovation (DBEI), and driven by our partners, the Irish Institute of Credit Management (IICM), the Irish Small and Medium Enterprises Association (ISME), the Small Firms Association (SFA), the Irish Business and Employers Confederation (IBEC), Chambers Ireland and The Banking & Payments Federation Ireland (BPFI).
By signing up to the Prompt Payment Code and pledging to pay on time businesses are providing their suppliers with cash flow certainty. This cash flow certainty means businesses can build stronger relationships with their customers, confident that they will be paid on time.
Prompt Payment Code Awareness Campaign 2017
When launched in 2015, all Government Departments and public authorities signed up to the Code. However, sign up by business has been particularly slow. The aim of this campaign, therefore, is to raise awareness of the Prompt Payment Code and advocate membership across business in Ireland. As part of the campaign the PPC portal has been updated, making more intuitive and user-friendly.
The Minister of State for Employment and Small Business, Pat Breen, TD, on welcoming the launch of the Prompt Payment Code Awareness Campaign, said
“We all know how important cash flow certainty is for companies and, in particular, for SMEs. It can mean the difference between solvency and bankruptcy. Few things can threaten the survival of a small business more than late payment. It can affect its ability to pay bills, salaries and other operating expenses.
While Government has already taken a number of steps to improve the payment culture in Ireland through the introduction of the prompt payment legislation and initiatives such as the 15 day prompt payment commitment, it has also led by example in supporting the PPC. When launched in March 2015, Government ensured that Departments and their Agencies signed up to the Code. I now urge more businesses in the private sector to follow suit and sign up. This is your initiative. It has been specifically developed by business for business. Now it needs to be supported by business.
I believe in the Prompt Payment Code. I believe its principles and I believe that if supported by business, it will make a real difference in addressing the culture of late payment in Ireland”.
Code signatories pledge to:
Pay suppliers on time
- Within the terms agreed at the outset of the contract, or 30 days, in accordance with legislation
- Without attempting to change payment terms retrospectively
- Without changing practice on length of payment for smaller companies on unreasonable grounds
Code signatories pledge to:
Give clear guidance to suppliers:
- Providing suppliers with clear and easily accessible guidance on payment procedures
- Ensuring there is a system for dealing with complaints and disputes which is communicated to suppliers
- Advising them promptly if there is any reason why an invoice will not be paid to the agreed terms
Code signatories agree to:
Encourage good practice
- By requesting that lead suppliers encourage adoption of the code throughout their own supply chains
IICM Mission Statement
Our mission is to raise the status of the profession of Credit Management to a level where membership of the Institute, and appropriate qualifications,are recognised by the business community in Ireland as essential prerequisites for positions in Credit Management.
To be recognised by the media, government and corporate bodies in Ireland as the primary source of information and views on Credit Management
- To increase awareness among Irish companies of the benefits of sound credit management.
- To provide continuing educational opportunities to enhance our members effectiveness and position within the management structure.
- To further increase the institute’s membership within Irish Industry.
- To position our members for business success.
- To further develop our institute’s association with our European counterparts through the auspices of FECMA (Federation of European Credit Management Associations).
IICM wishes to thank Hugh J. Ward & Co. Solicitors who are actively involved with IICM since the earliest stages in developing the Prompt Payment Code, advising on the legal framework, and amongst other things, helping shape the Code