Simply Asset Finance has achieved the Fair Payment Code Gold Award, recognising its high standard of payment practices.
According to research from the Federation of Small Businesses (FSB), around 52% of small- and medium-sized businesses (SMEs) in the UK suffer from overdue payments and poor payment terms in contracts, meaning roughly 2.8 million small firms face this issue. And it is estimated that reducing the volume of poor and slow payments could unlock growth for 5.5 million smaller businesses.
Administered by the Small Business Commissioner on behalf of the Department for Business and Trade (DBT), the Fair Payment Code (FPC) sets standards for payment practices and best practice. The FPC, which encourages businesses across the UK to pay fairly and quickly, awards businesses based on three thresholds. The Gold Award is awarded to those paying at least 95% of all invoices within 30 days, and around 100 businesses have been awarded a Gold, Silver or Bronze to date.
Mike Randall, CEO of Simply Asset Finance, commented: “The issue of poor payments is one of the biggest challenges facing small- and medium-sized businesses but also one of the most solvable, so it’s unfortunate that awards like the Fair Payment Code are needed to encourage this behaviour. We’ve witnessed firsthand how overdue payments contribute significantly to rising defaults, forcing many businesses to rely on personal finances and credit cards to survive. This creates undue pressure on business owners and has long-term implications for their success.
“Ensuring quick and fair payment is not just a best practice; it’s a fundamental necessity. It shows respect for customers and supports firms in making critical investments and growing sustainably. This commitment aligns with our core business values: empowering small businesses to thrive and, in turn, drive broader economic growth.
“We take our responsibility seriously and are incredibly proud to have achieved the Gold Award, not just for making the commitment but for living up to it every day. We thoroughly encourage our peers to sign up and support fairer payment practices for all.”
Liz Barclay, UK Small Business Commissioner, said: “Congratulations to Simply on achieving a Gold Fair Payment Code Award. We accept that getting this award will have been challenging. This is not a Code to which you can simply sign up with good intentions. This is a Code that rewards you for doing what you say you are doing: paying your suppliers fairly with fair contractual payment terms, and quickly, with payments that are within agreed terms, in the case of Simply, all within 30 days. Thank you for all the hard work you have put into the process.”
