As well as being unethical, the practice of deliberately paying later than the agreed terms is wrong for sound economic reasons:
• It weakens your organisation because it harms your reputation;
• It damages your supply sources and strains your relations with suppliers or subcontractors;
• It weakens the economy as a whole because it constricts growth;
• Late payment is often taken as an indication that the buyer is in difficulties. If you create this impression with your suppliers or subcontractors you may find that their terms worsen.
Late payment can also be symptomatic of poor relationships between you and your suppliers or subcontractors. The way you manage your purchasing/sales relationship is important to your profit margins. A commitment by you to prompt payment can be a powerful aid to better buying; it will certainly produce closer, more co-operative partnerships between your firm and your suppliers/subcontractors.
Read the Department for Business Innovation & Skills website Prompt Payment Code.
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Installed4you by Witton Installations