This move underscores their commitment to ethical trading, financial transparency, and sustainable business operations.
HETAS and Woodsure have been awarded the Silver Award – demonstrating and committing to paying at least 95% of all invoices within 60 days, including at least 95% of invoices to small businesses within 30 days.
What is the Fair Payment Code?
The Fair Payment Code is an initiative set by the UK government to promote prompt and fair payment practices across industries. It aims to tackle late payments and ensure businesses, particularly SMEs, receive timely compensation for their services. By signing up, companies pledge to uphold key principles, such as paying suppliers on time, providing clear payment terms, and avoiding unfair payment practices.
The Fair Payment Code is a tiered system of Awards aimed at driving best practice and improving payment performance, with Gold, Silver and Bronze Award categories underpinned by fair payment principles.
The Fair Payment Code replaces the Prompt Payment Code and encourages businesses across the UK to pay fairly and quickly.
Why Fair Payment Matters for HETAS and Woodsure
As leading certification bodies in the solid fuel and biomass industry, HETAS and Woodsure play a crucial role in ensuring high standards for safety and sustainability. Our decision to join the Fair Payment Code reflects a dedication to fostering a responsible and ethical business environment.
Healthy cash flow is critical for small business survival and growth. Late payments and long payment times disrupt the cash flow cycle and can prevent a business from paying its bills, potentially resulting in business failure. In 2023 15% of small businesses and medium sized enterprises cited cash flow and late payments as an obstacle to running their businesses.
A positive step
HETAS and Woodsure’s decision to be amongst the first cohort to join the Fair Payment Code demonstrates our commitment to embracing fair and transparent payment practices, reinforcing our commitment to supporting businesses, maintaining high industry standards, and fostering a healthier, more sustainable market environment.
HETAS and Woodsure are committed to supporting fair payment, with a particular focus on payments for small businesses. Both organisations were signatories of The Prompt Payment Code, the predecessor to the Fair Payment Code.
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