Supplier Incentive Programme (SIP)
The Supplier Incentive Programme is an early payment programme designed to give suppliers the opportunity to be paid earlier than their contracted terms. This initiative also aims to enhance the Council's payment processes.
Suppliers who join the Supplier Incentive Programme (SIP) can opt to be paid as soon as their invoice is authorised, ahead of the standard 30-day terms. In exchange, a small, pre-agreed rebate is applied to the invoice. The rebate is calculated based on the number of days the payment is accelerated, with the goal of paying suppliers by day 10. The rebate is only applied if the invoice is paid earlier than 30 days.
Benefits of the SIP
We launched this early payment programme because it offers multiple benefits:
- improved cash flow: You will benefit from improved cash flow.
- greater visibility: Enhanced visibility across the Council.
- reduced time spent chasing payments: Less time spent chasing payments.
- operational effectiveness: Improved operational effectiveness for our Purchase to Pay processes.
We believe that strong supplier relationships are crucial to achieving our strategic goals. The SIP demonstrates our commitment to supporting the growth and development of your business.
Our partner
We are collaborating with Oxygen Finance, the leading provider of early payment programmes in the UK. They work with councils across the country, and thousands of suppliers participate in their programmes.
To find out more about the programme, you can:
- Visit the Oxygen Finance microsite
- Email stockton@oxygen-finance.com
- Call Oxygen Finance on 0121 295 4038 to speak to someone about the SIP
Purchase orders and invoicing of the supply of goods and services.
To ensure the smooth processing and timely payment of invoices for goods and services supplied to the Council, please note that, in accordance with our No PO No Pay Policy, Council staff are not authorised to request goods or services without providing a valid purchase order number. Please do not accept verbal or written instructions unless a formal purchase order has been issued.
Any invoice submitted without a valid purchase order number will be returned as invalid and will not be processed for payment until the correct PO is provided.
