z Saltare, Author at Saltare - Page 2 of 2

Early Pay is a unique payment solution that boosts your business, supports your suppliers, and transforms the entire economic landscape. Helping you to create a solid supply chain that is built on confidence and trust. Enabling you to become the customer of choice.

Our ground-breaking digital solution Early Pay, is a quick, and easy way to offer and facilitate early payments. You can provide peace of mind to your suppliers by delivering certainty of payments through automated communications, whilst giving them the option to get paid sooner – and in just 3 clicks.

Watch our short video to find out more.

What’s in it for you?

-A strong supply chain with improved business relationships

-Delivery of tangible social impact throughout your supply chain

-Financial benefits achieved through potential early payment
discounts. Plus operational efficiencies as a result of reduced
inbound invoice queries

-Access to new and valuable supply chain data and insights.

What’s in it for your Suppliers?

-Reduced anxiety as a result of certainty of payments

-Improved cashflow from early payment potential

-Reduced need to secure alternative funding to support
their business

-No more need to chase payments, freeing them up to
focus on customers, like you

Early Pay by Saltare

We improve the flow of cash to the entire supply chain in a way that works for everyone.

How does it work?

Its really smart and really simple…..

Once you’ve approved an invoice, Early Pay will notify your supplier. You can offer to pay early (and choose whether to apply a discount or not). Your supplier can accept the offer if they wish to, in just 3 clicks. There’s no obligation either way, but your suppliers will have the peace of mind of knowing exactly when they’ll be paid

We are happy to announce that we have partnered up with the Smart Manufacturing Alliance.

The Smart Manufacturing Alliance (SMA) is creating a world-class manufacturing cluster across Cambridgeshire & Peterborough. They are dedicated to helping manufacturers reach their full potential, harnessing the power of new technologies, and increasing opportunities for innovation and collaboration.

The SMA recently announced news of the partnership on their website:

The Smart Manufacturing Alliance will be helping manufacturers across Cambridgeshire and Peterborough take greater control of their cashflow through a new corporate partnership with payments specialist, Saltare. The partnership will also open up connections with the Office for the Small Business Commissioner thanks to Saltare’s close ties with the government’s fair payments body.

It is estimated that 82% of businesses fail not because of lack of profit, but through lack of cash. Yet, studies suggest UK SMEs are currently waiting on almost £200bn tied up in unpaid invoices.

Cashflow challenges could be hindering significant growth and investment in Cambridgeshire and Peterborough manufacturing. The Smart Manufacturing Alliance hopes that Saltare’s payment platforms will help businesses free up resources and invest more into innovation, job creation, and growth.

Saltare’s innovative digital products incentivise early payments and let both suppliers and customers know when invoices will be paid. This gives SMEs more certainty over their cashflow and strengthens relationships across the supply chain. All of this can be a lifeline to levelling up and supercharging growth.

Early Pay is one of Saltare’s latest tech-driven solutions that will improve the flow of cash to the entire supply chain. Early Pay gives buyers cash incentives to pay early and can integrate into enterprise resource planning (ERP) systems. Once the buyer approves an invoice, Early Pay will notify the supplier and let them know when the invoice will be paid.

Saltare’s close ties to the Office of the Small Business Commissioner means Smart Manufacturing Alliance members can access additional content and advice around late payments. In time for the partnership launching, Alliance members can put their questions about fair payments to former Small Business Commissioner, Phillip King, via Saltare in an exclusive interview later this month.

Bob Hart, Programme Director at the Smart Manufacturing Alliance, said, “Giving our members quick and simple payment systems like Early Pay not only safeguards their cashflow, but could help them divert more resources into innovative projects, new tech and equipment, and create more opportunities for staff to develop their skillsets.

“We’re delighted to bring Saltare on board as a corporate partner for the Smart Manufacturing Alliance. There will be lots of advice to help our members secure payments on time, and keep their businesses running smoothly. The knock on effect along the supply chain will be a real boost for our local economy.”

Ant Persse, CEO of Saltare said, “We’re really pleased to be working with the Smart Manufacturing Alliance to support the sector. It’s our mission to change the mind-set of businesses once and for all, embracing a positive approach to payments to build stronger economies.

“Our tools bring the certainty of payment and cashflow to both ends of the supply chain. We’re excited to work even closer with manufacturers across Cambridgeshire and Peterborough, supporting their business growth, and building a more resilient sector.”

To find out more about the benefits for members of the Smart Manufacturing Alliance, visit: www.sma-uk.co.uk/experts/saltare/

This article first appeared in LocalGov.

In the article, Anthony Persse FCICM discusses how ESG (Environment, Social and Governance) has become a major talking point on the agendas of private and public organisations, including local authorities. But what is ESG, and more importantly, how can local authorities, with the 100s of suppliers they interact with every day, use their procurement processes to deliver meaningful societal change?

ESG measures the sustainability of an organisation which, for local authorities, means its local community’s environmental, social and economic sustainability. Local authorities are working hard to reduce the impact of climate change and helping us all adopt greener and healthier living habits. They add social value through the services they provide, such as health and social care, and building local economies that support local residents. They also have a social responsibility to the local business community. They have a responsibility to cultivate good relationships with and between a diverse and inclusive range of local businesses, both large and small. Helping enterprises to succeed will in turn provide employment in the community over the longer term. And the local authorities’ governance ensures there are transparent processes and controls in place to deliver and demonstrate sound decision-making and value for money.

To provide the enormous range of products and services for which they are responsible, everything from highway maintenance to social care, local authorities employ a roster of suppliers. Last year they spent £64bn with third parties, £23.6bn (almost 40%) of which was spent with small and medium enterprises (SMEs).

SMEs are an essential part of our national and local economies and key to a thriving local community. They provide 60% of private-sector employment. Those employees stimulate a region’s economy and support the local authority by spending locally and reducing pollution and environmental impact by walking, cycling, or enjoying a shorter commute to work. SMEs are also highly committed to their local communities, using local suppliers, and supporting local charities. Despite all this, four-fifths of SMEs fail in the first year, and two-thirds in ten years.

SMEs are often sub-contracted by larger companies, many of whom are signatories to the Prompt Payment Code. Yet SMEs still wait on average 37 days, usually 60 days, and in some cases up to 120 days for payment, driving many into insolvency. Having survived the pandemic, they now face rising inflation and labour costs, coupled with the supply chain restrictions, which means they need more working capital to survive. It’s no surprise that the mental health of small business owners is now a concern.

So how can a local authority support its local small business community and deliver the ‘Social’ element of its ESG commitment? Perhaps the biggest impact anyone in the public sector can have in supporting local businesses is to pay those businesses on time. They can prevent businesses from failing and eliminate the stress of late payments by paying promptly or even early, creating a more vibrant local economy which is more sustainable and resilient. The CBI says instant payments could release £60bn in revenues for small businesses and stimulate 460,000 new jobs.

There are five steps a local authority can take to support its ESG agenda:

• Where possible actively choose to work with local suppliers that bring social value to their community by directly boosting local economies. Local SMEs often provide ESG value through their close community connections whilst also deliver both an equal quality of service and product.

• Explore new payment technologies to monitor payments. Digital systems provide oversight and governance for the authority and encourage larger sub-contractors of SMEs to pay on-time or early.

• Pay suppliers in 10 days or less and as part of the tendering process encourage large suppliers to do the same. Digital payment platforms are available that enable small suppliers to accept discounts for early payment. They also help SMEs focus on growing their business and their workforce rather than chasing late payments.

• Create supply chains which improve relationships between larger businesses and SMEs. Use digital payment technology platforms that enhance communications, help increase cash flow, and reduce the fear of losing future work by chasing payment too hard. Building sustainable long-term relationships will reduce business owners’ stress, improving their’s and ultimately their employee’s welfare.

• During the procurement process, encourage both large and smaller organisations to demonstrate a long-term commitment to the sustainability of the region. Smaller companies are more innovative and adapt more quickly to changes in sustainability targets. They can improve production and process efficiency and reduce their environmental footprint faster than larger firms. Large and small companies working together are likely to achieve far more social value than working alone.

If local authorities take these five steps, there are advantages for everyone: they will protect the health and welfare of local business owners and their employees; larger companies will be able to demonstrate greater social value through cooperation; and local authorities will be able to show they are delivering their ESG commitments for the environment, social good and governance.

Watch our short explainer video on how Early Pay works and how it can benefit your business.

Looking after your valuable supply chain is critical to everyone’s success. We can help you create a solid supply chain that is built on confidence and trust and enables you to become the customer of choice.

Early Pay is a quick and easy way to offer and facilitate early payments. You can provide peace of mind to your suppliers by delivering certainty of payments, whilst giving them the option to get paid sooner and in just three clicks!

Transform the way you pay and get in touch to arrange a demo today. And see just how early pay will deliver benefit to your business and your supply chain.

UK based Saltare, the Early Payment FinTech, has appointed its second commercial manager to grow customer base with a primary focus on enrolling larger corporations with extensive and diverse supply chains.

Chris Wilson, a former small business owner and leadership coach, joins Saltare after owning and running several businesses over the course of his career. Chris will bring valuable first-hand experience of managing business cashflow to the Saltare team, ensuring that customers feel supported by a team they can relate to.

This includes a comprehensive understanding of the challenges SMEs face when dealing with larger customers, ensuring Saltare’s tools can help larger corporations understand the benefits paying early can bring to their supply chains.

“Running a business is hard,” he explains. “It’s a 24/7 job and when you’re anxious about when money will arrive in your account it affects everything, from your sleep to the how effectively you can manage your business strategy. Saltare’s mission to bring cash flow certainty will have a significant effect on how larger businesses work with smaller suppliers.

“One of my first objectives will be working with some of the UK’s biggest companies and helping them understand why early payments can improve relationships within wider supply chains.”

Having worked in a range of industries including sales and lead generation, Chris previously specialised in helping businesses of all sizes engage with their customer base and wide supply chains helping them procure, support, and develop leads.

Ant Persse, CEO of Saltare said Chris’ expertise will support its mission to help businesses better engage with their supply chains: “Chris has incredible knowledge as to what it takes to run a small business and more importantly how big business can interact with smaller businesses to encourage stronger partnerships.”

“We’re delighted to have Chris join our team and help us introduce Saltare to a wider network of businesses to help boost supply chain relations and encourage early payments.”

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We often discuss the correlation between late payments and the detrimental impact they have on a business owners mental health.

Chris Wilson discussed this very topic with Phill Holdsworth of AurumGold Limited.

Its a really interesting and enlightening discussion. With Chris Wilson and Phill Holdsworth talking openly about their first hand experiences of having to chase buyers for payment, and the negative impact that had on them and their business.

Go take a listen via any one of these links:

👍 Audioboom link https://lnkd.in/egFYaPSd

👉The Apple Podcasts link is: https://lnkd.in/e2ya8pnf

🟢 The Spotify Podcast link is: https://lnkd.in/enU5pn2n

We recently spoke to Liz Barclay, the current Small Business Commissioner – a post created to help small businesses secure the payments owed to them and to galvanise UK businesses behind a new culture of prompt and fair payment.

During the conversation we discussed the impact of poor payment practices on UK small and micro businesses, and how the uncertainty of payment affects all elements of their enterprise including how they manage their cashflow, make decisions on recruitment & investment and importantly, the mental heath impact.

We also discussed how larger businesses can support small and micro businesses by employing good payment practices. And the benefits that has on creating a sustainable supply chain.