1284 Communications has been awarded Gold under the new Fair Payment Code.

Launched today by the office of Small Business Commissioner (OSBC), the standard recognises businesses which pay at least 95% of supplier invoices within 30 days.

1284 Communications has been awarded the highest standard and is one of the first tranche of businesses to go through the new process.

An audit of payment times during the application process showed that 1284 achieved that average across a 3-year period.

And it showed 1284's average invoice payment period to its suppliers is less than 14 days.

Achieving the Fair Payment Gold evidences 1284's commitment to ethical business practices.

Prompt payment of suppliers is one of the 10 pillars of the Good Business Charter - which 1284 was awarded last year.

George Oliver, Managing Director, said: "When we saw that the OSBC was strengthening its Fair Payment system we applied immediately.

"As a small business ourselves, this is something we are very attuned to - and its something I asked the Business Secretary about when he visited Loughborough last year."

The Fair Payment Code aligns with 1284 values around transparency and collaboration.

The Gold standard reflects financial responsibility as well as reliability as an ethical business partner.

By adhering to the principles of the Fair Payment Code, we ensure that our operations are aligned with the interest of our clients and partners.

This includes: 

• Enhanced credibility
• Strengthened partnerships
• Support for SME growth

What is the Fair Payment Code?

The Fair Payment Code is a voluntary scheme launched by the UK Government to address the longstanding issues of late payments. 

Late payment is a significant problem for small businesses. 

The new system replaces the previous Prompt Payment Code - of which 1284 Communications was also a signatory.

The Fair Payment Code is led by the OSBC and is a more rigorous and audited version of its predecessor.

It aims to recognise and drive improvements in payment practices. 

The Code emphasises clear, fair, and collaborative payment terms, ensuring that businesses prioritise timely payments to support the cash flow and growth of SMEs.