COSBOA calls for a prompt payment code so small businesses are paid on time

One of the nation’s peak small business associations is calling on politicians to unite behind a voluntary prompt payment code to ensure small businesses are paid on time. Late payments are a major issue for small business owners, with data suggesting many companies wait more than 50 days to receive money for work they’ve already completed. […]

Broede Carmody 12 May, 2016

One of the nation’s peak small business associations is calling on politicians to unite behind a voluntary prompt payment code to ensure small businesses are paid on time.

Late payments are a major issue for small business owners, with data suggesting many companies wait more than 50 days to receive money for work they’ve already completed.

Earlier this year, it was revealed supermarket giant Woolworths was moving towards paying most of its suppliers within 60 days, despite its own debtors having to cough up money within a 30-day timeframe.