Prompt Payment Code
1.1 The Prompt Payment Code (PPC) sets standards for payment practices and best practice and is administered by the Chartered Institute of Credit Management. Compliance with the principles of the Code is monitored and enforced by the Prompt Payment Code Compliance Board. The Code covers prompt payment, as well as wider payment procedures.
Cash is the fuel of growth for small and medium businesses and is crucial to their wellbeing. Without prompt payment, cash flow suffers, employees may not get paid and the livelihoods of many are put at risk.
We pride ourselves on our ethical stance and champion the cause of small and medium businesses.
Value Match Services Limited is not only signed up to the code but is also actively encouraging FTSE companies to publicly commit to move towards 30-day payment terms for SME suppliers.
You can read our policy below, and more about prompt payments on the Prompt Payment Code website.
2.1 We are committed to:
2.2.1 Pay Suppliers on time
- within the terms agreed at the outset of the contract
- without attempting to change payment terms retrospectively
- without changing practice on length of payment for smaller companies on unreasonable grounds.
2.2.2 Give clear guidance to Suppliers
- providing suppliers with clear and easily accessible guidance on payment procedures
- ensuring there is a system for dealing with complaints and disputes which is communicated to suppliers
- advising them promptly if there is any reason why an invoice will not be paid in accordance with the agreed terms
2.2.3 Encourage good practice
- by requesting that lead suppliers encourage adoption of the code throughout their own supply chains/payment procedures
3. Our standard payment terms are 30 days
A valid invoice is one that:
3.1 Is delivered on time in accordance with the contract
3.2 Is for the correct sum
3.3 Is in respect of goods or services supplied/delivered to the required quality
3.4 Includes the date, supplier name, contact details and bank details
3.5 Quotes any relevant purchase order reference
3.6 Is emailed to firstname.lastname@example.org
It is the suppliers’ responsibility to provide correct bank details and email addresses to Value Match Services Ltd, to facilitate payment. Any changes to address or bank details must be notified to Value Match no less than 4 weeks before they take effect.
We process supplier payments, using BACS (Bank Automated Clearing System) only. Value Match Services Limited is not responsible for any delays in payments being made which are outside of our control (e.g. where our Banking Provider suffers from technical failures or otherwise delays the processing of such payments).
Value Match Services Ltd, will endeavour to advise suppliers promptly of any disputes or reasons why an invoice will not be paid in accordance with the agreed terms. Invoices that are subject to dispute will not be paid until resolution of the dispute.
Once resolved, payment will be made in accordance with the terms of this policy and the Code.
Complaints in relation to the processing of payments and/or invoices should be emailed to email@example.com