The Caliber Blog

July 13, 2016
CICM, Credit Management, Prompt Payment Code, Finance, Caliber Interactive

Caliber Recognised by Chartered Institute of Credit Management

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Every business knows the annoyance of having to chase late payments. When people aren’t paid on time it can put business relationships at risk, damage reputations and hurt morale. As well as invoicing promptly, keeping accurate records and communicating well is vital.
 

It gives me great pleasure to announce that Caliber has just been approved as a signatory to the Prompt Payment Code. The PPC sets the standards for payment practices in the UK, and we are among only a handful of UK digital marketing agencies to receive this accreditation. It is administered by the CICM – the foremost credit management organisation in the UK.
 
To get the stamp of approval from the CICM, our payment practices had to be independently validated with five of our main suppliers. It was confirmed with each of them that we pay all invoices on time and generally are fair to work with and treat our suppliers correctly.

Why is the Prompt Payment Code important?

 

1. It shows we value our suppliers and that we treat them fairly.
 
2. It shows that we’re committed to the concept of paying on time.
 
3. It shows external stakeholders that we run our business properly.
 
A lot of the analysis I do of our competitors shows that most of them tend to hold on to their cash, which is no bad thing in some respects. But our credit system indicates that many of them pay considerably beyond normal 30 day terms – some in excess of 30 days late!
 
The fact that we make a conscious effort and one that is now validated by the CCIM – they check we adhere to this every six months – speaks volumes to me about how Caliber is moving forward and doing things the right way.
 
Barry Hynd is Financial Director at Caliber

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