Australian supermarket giant, Coles, says it will introduce a 14 day payment policy for its smaller suppliers.
Businesses supplying the supermarket with up to AU$1 million in merchandise annually are positioned to benefit once the policy comes into play in July this year..
The new policy recognizes the importance of cash flow for small businesses.
The move was welcomed by the Australian Small Business and Family Enterprise Ombudsman, which has been calling on corporations to reduce the payment times for SME suppliers.
The 14 day payment policy will apply to suppliers using electronic billing. Coles is offering help to those suppliers currently looking to transition from paper to electronic invoicing.
Australian supermarket giant, Coles, says it will introduce a 14 day payment policy for its smaller suppliers.
Businesses supplying the supermarket with up to AU$1 million in merchandise annually are positioned to benefit once the policy comes into play in July this year..
The new policy recognizes the importance of cash flow for small businesses.
The move was welcomed by the Australian Small Business and Family Enterprise Ombudsman, which has been calling on corporations to reduce the payment times for SME suppliers.
The 14 day payment policy will apply to suppliers using electronic billing. Coles is offering help to those suppliers currently looking to transition from paper to electronic invoicing.
