Coventry City Council has launched an early payment scheme for our suppliers. Working with Oxygen Finance, the Premier Supplier Service will give our suppliers the opportunity to be paid earlier than contracted terms. The Premier Supplier Service gives the supplier the option to be paid as soon as the invoice is authorised, and ahead of the standard 30-day term, in exchange for a pre-agreed rebate.
Full details will be contained in the Invitation to Tender (ITT) packs.
Coventry City Council is working with Warwickshire County Council on an initiative for our suppliers which facilitates the early payment of invoices.
The Premier Supplier Service gives our suppliers the opportunity to be paid earlier than contracted terms, whilst also enabling the Council to improve payment processes and generate much-needed savings.
The quicker we process and pay suppliers’ invoices, the more our suppliers benefit and the more the Council saves to pay for essential services for the people of the City.
The programme is now in operation in Coventry and at many other Local Authorities, including Warwickshire County Council, where more than 200 suppliers have already signed-up to date.
The Premier Supplier Service gives you the option to be paid as soon as the invoice is authorised, and ahead of your standard 30-day term, in exchange for a small, pre-agreed rebate.
The rebate is proportionate to how many days we accelerate the payment by and is applied as the invoice is paid.
Payment is targeted at day 10 and the rebate is only applied if the invoice is paid earlier than 30 days.
We face unprecedented financial challenges, with a growing funding gap and stretched resources so it is essential that we change our working practices to deliver long-term savings.
We chose to work with Warwickshire County Council on our early payment programme as it delivers multiple benefits – our suppliers benefit from improved cash flow, greater visibility across both councils and reduced time spent chasing payments. The Council benefits from improved back-office efficiencies and from optimising Purchase 2 Pay processes.
We believe that strong supplier relationships are essential in achieving our strategic goals and the Premier Supplier Service demonstrates our commitment; we recognise early payment can make a significant impact on the growth and development of your business.
We are working with Oxygen Finance to deliver this programme. Oxygen Finance is the company that supported Warwickshire in implementing their early payment initiative and they are also the leading provider of early payment programmes in the UK. The company works with councils across the UK and more than 3000 suppliers participate in Oxygen Finance programmes.
You may receive a call from Oxygen Finance to explain more about the programme and/or an email enabling you to join the programme online – it is a simple and straightforward process that only takes a couple of minutes to complete.
In the meantime, if you have any queries please email [email protected] or call 024 7697 5294 if you have any queries about the programme.