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Make prompt payment compliance flow

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The road to 45 days' payment terms by 2025

Starting from 1st April 2024, businesses who are bidding for public sector contracts over £5M, will have to evidence that they pay all of their invoices within an average of 55 days. Bidders can be excluded from the selection process if they're not paying 95% of their invoices within 60 days AND paying ALL of their invoices in an average of 55 days. This is set to tighten to an average of 45 days from April 2025.

The road to 45 days payment terms by 2025

Implications for the construction industry

Construction is one of the key sectors that bids for large government contracts, therefore the sector is under the spotlight, and will continue to be as these new changes to the Prompt Payment Code roll out. Complying will give construction businesses a real competitive, and reputational, advantage. Losing any public sector work could have huge detrimental effects on a business.

Download your guide to digital prompt payment

Download this short guide for a detailed explanation on what is changing, when, and how you should be preparing right now.

Download the guide
CW24_Tradex_Prompt_Payment_Your_Guide (1)

Starting from 1st April 2024, businesses who are bidding for public sector contracts over £5M, will have to evidence that they pay all of their invoices within an average of 55 days (reducing to 45 days from 2025).

Helping you enhance your prompt payment

Small and medium-sizes businesses are an integral part of the supply chain for construction, infrastructure and maintenance. Enhanced visibility of accounts payable through our e-invoicing Causeway Tradex software helps buyers uphold the Prompt Payment Code with ease, as well as supporting suppliers.

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Transform your invoice management with Causeway Tradex

Contact us today for a software demonstration. 

Key benefits

Improve efficiencies by removing manual processes.

Automated matching and reconciliation of POs, GRNs and invoices.

Lower operating overhead by saving more than 50% on the cost associated with manual invoice processing.

Improve supplier relationships with faster invoice payments.