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Waitrose to slash its supplier payment terms to 7 days, good news for SMEs PDF Print E-mail
Monday, 18 July 2016
Aamar Aslam, CEO of Funding Invoice, the invoice trading platform, comments on the news that Waitrose is to slash its payment terms to seven days for its smaller suppliers:   “This is clearly good news for Britain’s small food producers. Supermarkets have been a longstanding offender when it comes to not paying their suppliers on time, leading to Waitrose conducting an internal review into its payment terms earlier this year. The new electronic payments system not only shows a commitment to simplifying its payments process, but also demonstrates that Waitrose is considerate towards preventing its suppliers running into cashflow issues.

The intended implementation time for these new terms is also impressive - Waitrose has raised the bar by aiming to complete these changes by September, demonstrating to the rest of the grocery sector that helping British SMEs is a priority which the business is not taking lightly.

If these changes do indeed go ahead in September, Waitrose will undoubtedly be best in class in terms of paying its smaller suppliers. Other major grocers should look to follow suit as soon as possible if they are to remain an attractive option for business to the UK’s SMEs.”
 
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