Tackling Poverty & Inequalities through System Convening
- April 2024
- Lead Member Oxygen Finance
- Categories Finance
Warwickshire County Council introduced its Premier Supplier Service, in partnership with Oxygen Finance in 2015, with the objective of building stronger relationships with the key suppliers that support the council in delivering essential services to the people and businesses of Warwickshire.
The Premier Supplier Service offers its suppliers early settlement of their invoices in exchange for a discount directly related to how quickly the payment is made. Warwickshire though, was also the first council in the UK to pilot Oxygen’s Freepay initiative, giving the smallest suppliers access to early payment for free.
The council chose to launch an early payment programme to deliver multiple benefits – suppliers benefit from improved cashflow and reduced time spent chasing payments and the council benefits from improved operational effectiveness, from digitising back-office functions and optimising P2P processes.
