Small businesses have enough to worry about without the added stressors of slow payments from big business. Small businesses are often a crucial part of the supply chains that feed large business. While this can be extremely lucrative for a small business, these large businesses are notorious for taking their time to pay their suppliers, sometimes dragging the process out for 60-90 days. While this may seem insignificant to a larger organization, this can force businesses with smaller reserves to turn to credit lines to make their own payments. In an economy with rising interest rates, this can be devastating to small businesses.
Get Involved: The Prompt Pay Pledge is an initiative created by the U.S. Chamber of Commerce to address the issue of delayed payments between large and small businesses. If you are part of a large business, sign the pledge today to help out your small business suppliers and get exclusive benefits from the U.S. Chamber of Commerce!