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Platinum Payment Programme
Our new service for key suppliers
Oxygen Finance 2017 I www.xxxx.com
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Why are we implementing the programme?We face unprecedented
financial challenges. With a growing funding gap and stretched
resources, it is essential that we change our working practices to
help achieve long-term savings and protect frontline services.
We chose an early payment programme as it delivers multiple
benefits – predictable savings, improved operational effectiveness
and, importantly, faster remuneration for our suppliers.
We believe that strong partner relationships are essential in
achieving our strategic vision and our Platinum Payment Programme
illustrates our commitment to this; we recognise early payment can
make a significant impact on the growth and development of your
business.
Why are we implementing the programme?
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Tameside CouncilPlatinum Payment Programme
We are delighted to announce the launch of our Platinum Payment
Programme, a new initiative that enables us to pay suppliers
earlier by streamlining our
payment processes.
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How does it work?The Platinum Payment Programme enables your
invoices to be paid ahead of the contracted term in exchange for a
pre-agreed rebate. The rebate is applied dynamically as the invoice
is paid and is proportionate to how many days we accelerate your
payment by.
To calculate the acceleration, we use the number of days between
Invoice Received Date and Invoice Remittance Date. The rebate is
only applied if payment acceleration is achieved.
In practice this means you will be paid as soon as the invoice
is authorised rather than waiting for the payment due date. Along
with the payment, we will issue a debit note to the value of the
deducted rebate. The debit note quotes your original invoice
reference so you are always able to reconcile in your accounting
records.
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What are the benefits?You will benefit from improvements to cash
flow resulting from invoice payment as early as 5 days from invoice
received date.
The automated process provides a robust audit trail and
minimises processing errors.
No changes are needed to your systems and, other than the rebate
which is directly proportional to how early it is paid, there are
no charges. The process is completely transparent with the rebate
and the number of days your payment has been accelerated by added
onto your remittance advice.
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Who provides the service?Oxygen Finance is supporting us in
delivering this programme.
Oxygen Finance is a specialist provider of payment solutions and
the leading global provider of early payment programmes in the
public sector. The company works with a range of organisations
across local government and health, to drive savings, improve
operational efficiency and contribute to the social value
agenda.
What happens next?Oxygen Finance will contact you about joining
the programme. You will be asked to sign-up to terms and conditions
outlining the change in payment terms but in all other respects
your contracts remain the same.
Set-up is quick and straightforward and there is dedicated
support on-hand if you have any queries or need additional
help.
Who do I contact?If you have any questions please contact us on
+44(0) 161 883 3450.
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Tameside Metropolitan Borough Council 2018
Key ContactsService Enquiries:
Email: [email protected]
Call: +44(0) 161 883 3450
