Is Public Shaming a Solution to Late B2B Payments? The UK Thinks So.
Tuesday, January 30, 2018
In its ongoing efforts to decrease late B2B payments, the United Kingdom recently began publishing data on large business payment practices. The searchable report provides the average time it takes for each business to pay its suppliers and the proportion of payments that it doesn’t pay on time.
Not only does this tool allow UK businesses to evaluate the payment practices of current and potential suppliers, but it also allows the media to publicly name those companies with a consistent history of slow payments.
This is Your Money recently published a list of the 10 slowest paying large companies based on the new data. Topping the list is Grainger & Worrall Engineering Limited with a staggering 96 percent late payment rate. The publication also listed 12 companies with a perfect on-time payment record.
On Jan. 31, the UK government also published guidance outlining responsibilities for companies required to report their B2B payment data.