All Party inquiry into late payments thanks Direct Debit bureua, Eazipay
August 8, 2013
Eazipay Ltd, the UKs largest Direct Debit processing bureau, based in Cambridge, is among a handful of companies singled out for special thanks by a newly published Parliamentary report into the scandal of late payments to small businesses.
An All Party inquiry into late payments led by MP Debbie Abrahams, invited submissions and evidence from companies and organisations with a special interest in the issue of late payments.
One of the issues of particular concern to Eazipay is that the Prompt Payment Code, which was set up, by Government, to encourage timely payments to small companies, needs a complete overhaul and radical revision if it is to avoid becoming irrelevant.
Luisa Grey, Eazipays Director, commented: We were delighted to be invited to make a submission to the All Party inquiry and we are very happy to see that among its eleven recommendations is one that calls for a review and amendment of the Prompt Payment Code.
Deliberately withholding payments to small suppliers not only damages cash flow, but can seriously undermine the viability of a small company with potentially devastating consequences.
In order to highlight the scourge of late payments and the catastrophic damage it causes, Eazipay recently launched and e-petition, demanding more Government action to discourage companies from wilfully withholding payments to suppliers.
We are very grateful to Debbie Abrahams for turning a spotlight onto this issue and will continue our campaign calling on Government to toughen its stance on the iniquitous practice of companies starving suppliers of payments that are due to them, concludes Luisa.
NOTES TO EDITORS
About Eazipay Ltd
- Established in 2002 by local entrepreneurs Kathy and Ron Bradney, and their colleague, Luisa Grey, Eazipay Ltd has become one of the UKs fastest growing Direct Debit processing companies.
- Eazipay now provides regular Direct Debit services to over 1,000 companies in a wide range of market sectors throughout the UK, Europe and beyond.
- In February 2013, Eazipay recorded its best ever month for Direct Debit collections when £24.5million worth of Direct Debits were processed on behalf of its clients.
- Eazipay was awarded Affiliate status from Bacs, the governing body for Direct Debit processing in the UK payments industry. The company is now a member of an exclusive group of 38 other Bacs Affiliates, which includes representatives from some of the UKs leading businesses, banks and building societies, as well as government organisations and banking technology providers.
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