Do you work for a large company that wants to help small businesses?
Pay your bills promptly.
Late payments have always been a challenge for some small companies. The situation accelerated during the pandemic when more than half of small suppliers experienced late payments from large companies, according to a 2021 survey.
That's why business associations nationwide are banding together to promote adopting the Prompt Pay Pledge.
The Prompt Pay campaign urges large companies to help smaller ones manage capital and improve cash flow through clearer payment terms, quicker payments, or by providing private financing.
There’s a benefit for the big guys too: Faster payments keep supply chains healthier, speeding deliveries, and helping avoid suppliers going bankrupt mid-contract.
The initiative is being led by the U.S. Chamber (our chamber isn't an affiliate, but we know a good idea when we see one) which has created the Prompt Pay Pledge for large companies.
There's also a Prompt Pay Pledge Toolkit for everyone else to spread the message about the importance of timely payments to small business suppliers.