The Supplier Incentive Programme is an early payment programme which gives suppliers the opportunity to be paid earlier than normal. It also allows us to improve our payment processes.
The programme gives you the option to be paid as soon as your invoice is authorised. We aim to do this on day 10. Normally you would be paid within 30 days.
You'll need to pay a small, pre-agreed rebate which is applied as the invoice is paid. The rebate is proportionate to the number of days we accelerate the payment by. The rebate is only applied if the invoice is paid earlier than 30 days.
Benefits of the Supplier Incentive Programme
We believe that strong supplier relationships are essential in achieving our strategic goals.
We spend around £400 million every year on goods and services for the people of Middlesbrough, and have more than 5,000 suppliers. We recognise early payment can make a significant impact on the growth and development of your business.
With SIP, you'll benefit from:
- improved cash flow
- greater visibility across the council
- reduced time spent chasing payments
Our partner
We're working with Oxygen Finance, the leading provider of early payment programmes in the UK. They work with councils across the UK, and thousands of suppliers take part in their early payment programme.
Next steps
We hope to start the Supplier Incentive Programme in May 2022.
In the meantime, you may get a phone call or email from Oxygen Finance with more information, and instructions on how to join the programme. It's free and completely voluntary to sign up.
To find out more about the programme, you can visit the Oxygen website or email middlesbrough@oxygen-finance.com.