SAN FRANCISCO--(BUSINESS WIRE)--FairPaymentChoice.org, an online resource for information and advocacy for fair payment treatment for small business, launched today. Through FairPaymentChoice.org, small businesses can join forces with their counterparts nationwide to voice their support of fair payment practices.
FairPaymentChoice.org was created to allow small businesses nationwide a chance to present a unified voice responding to the effects of unfair payment practices. Developed by early payment champions, the FairPaymentChoice.org community will raise awareness of the growing epidemic caused by generally-accepted invoice payment delays and develop ideas for resolving the problems caused by the current payment system. Ultimately, the FairPaymentChoice.org petition, which will gather the signatures of participating members, is expected to demonstrate a groundswell of support for fair payment practices.
While small businesses are widely recognized as a crucial sector of the economy, underpinning the growth of new jobs, many of these organizations experience tremendous difficulty in getting invoices paid in a timely manner. As a result of burdensome payment delays, small businesses are often forced to turn to last-resort predatory borrowing methods. At the same time, these businesses have limited access to low-cost capital through banks and other financing methods. Meanwhile, large corporations are sitting on trillions of cash - $1.8 Trillion in liquid security. Thus, slow payments to small businesses, effectively shifts the burden of trade finance to the sector of the economy that can least absorb it.
Taulia Inc., the market leading provider for early payment enablement, and a supporter of FairPaymentChoice.org, has noted that programs to pay suppliers early are not tremendously wide-spread. Domestically, only 12% of invoices have pre-negotiated early payment terms, thus large corporations have little to no incentive to pay the vast majority of invoices earlier than they are due.
FairPaymentChoice.org is an online resource and community to provide information and advocacy for fair payment treatment on behalf of small businesses. The initiative was launched to provide small businesses across the United States a platform to present a unified voice in response to unfair payment practices. We are educating and lobbying governments to shape policy solutions that improve and save the financial health of small businesses across the country.