Prompt Pay Pledge: A Speedy Solution to Slay Late Payments!

Whether it’s a mammoth corporation or a tiny startup, every business is tangled up in the supply chain game. Small businesses are often a huge part of large business’s supply chains, and each year, trillions of dollars flow between the two.

Why it matters: Working with big businesses can be a major money-maker for small businesses. The only downside is that these big shots can be turtle-paced when it comes to paying up, sometimes stretching it out to a whopping 60-90 days. Now, for these small fry without a treasure chest of cash, they’re left with no choice but to rely on credit lines to cover their bills. With interest rates soaring, this leaves them with wallet-wilting costs.

Go deeper: The Prompt Pay Pledge is all about giving big businesses a gentle nudge to promptly pay their dues to small businesses to keep them healthy. Whether you’re a large or small business, this article from the U.S. Chamber is an essential read for understanding of the Prompt Pay Pledge. Large businesses, sign the pledge today to help out your small business suppliers and get exclusive benefits from the U.S. Chamber of Commerce!