‘Clear benefits’ to being a good payer
Being a prompt payer ‘delivers clear commercial advantage’
There are tangible and clear benefits of being a good payer, with firms that actively demonstrate they are prompt and reliable payers benefiting from clear commercial advantages over their competitors.
That’s according to Checkapayer co-founder Chris Hooper, who has stressed that the new prompt payer review site is intended to champion good payers as well exposing bad payers.
“Building a reputation for making supplier payments on time makes you an attractive company to do business with.”
Chris Hooper – founder, Checkapayer
Checkapayer enables freelancers, small businesses and any firm that supplies or works for other businesses to search, rate and review how quickly firms pay their suppliers.
While many users are expected to leave reviews for firms they have had a bad experience with, Hooper said it will be just as valuable for celebrating and identifying those who pay particularly well.
Emphasise the clear benefits of being a good payer
“We really want to encourage people to leave positive as well as negative reviews, so our users have a true understanding of both the good and bad payers in the market,” Hooper said.
“Being a good payer certainly delivers plenty of commercial advantages,” he added, citing research that showed more than half of SMEs suffer from late payments. “Payment practices can indicate how strong or weak your relationship is with your suppliers. Paying on time, or even sooner than expected, builds trust with your suppliers and increases suppliers’ confidence in you as a business partner.
Building competitive advantage
“Building a reputation for making supplier payments on time makes you an attractive company to do business with. And being a prompt payer could even enable you to negotiate a better deal and lead to more business in the long run.
“We live in an era where competitive advantage and margins are very slim. There are certainly many reasons that firms should be a good payer – beyond it simply being the right thing to do. And we hope Checkapayer will help champion and highlight those that are.”
Discover tips and advice on how to ensure prompt payment here.