News 50 companies committed to paying SMEs faster

Wednesday 13 September 2017 09:55 CET | News

Vopak, MN, Nedflex, Zicht adviseurs and MKB-Nederland have joined Now, 50 organisations committed to shorter payment terms with for SMEs. aims to make it the norm that small and medium-sized companies are paid within a maximum of 30 days. The initiative now affects some EUR 2 billion in invoices for around 200,000 small businesses.

Before an invoice is paid, the client needs to approve it. Most of the large companies that participate in therefore focus on the swift approval of invoices, to enable quicker payment of their suppliers. Submitting invoices electronically plays a major role since this allows invoices to be processed more quickly and minimises the chance of delays caused by errors. is a non-profit initiative that aims to improve SME suppliers’ access to liquidity, by unlocking capital that is tied up in outstanding invoices. The aim is to unlock EUR 2.5 billion worth of extra liquidity with 500 of the largest companies and organisations in the Netherlands. The participants draw up a manifesto outlining how they will organise the processing of invoices to ensure their SME suppliers are paid more quickly. They also pledge to report frequently on their progress., which was launched in November 2015, is supported by the Ministry of Economic Affairs in the form of grants.

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Keywords:, SME, invoicing, supply chain finance, capital
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech