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The government recently created a Prompt Payment Code, designed to encourage larger businesses to speed up payment times.
Many large UK firms have signed up to the prompt payment code (PPC), brought in by the government in 2008.
Here is this week's panel: Philip is the author of the Managing Cashflow Guides, which were written for the UK Department for Business, Innovation and Skills, and he was involved in the development of the Prompt Payment Code.
Meanwhile, a total of 1,682 firms have also put their names to the government-backed Prompt Payment Code, a voluntary initiative managed by the Institute of Credit Management that commits companies to pay "within clearly defined terms".
To a survey user, the process was quick: "You click the app, you go on, and then it gives you the payment code". But two very important things happened in those few seconds.
She said the government could help and hoped the issue would be addressed through the strengthening of the voluntary Prompt Payment Code (PPC) which will encourage large businesses to report on payment practices and a commitment to pay within 30 days of invoicing.
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What's more, merchants had to adopt a standard called Secure Electronic Transactions for deciphering encrypted payment codes; those systems typically required the purchase and installation of sophisticated workstations.
The term access device includes debit cards, personal identification numbers (PINs), telephone transfer and telephone bill payment codes, and other means that may be used by a consumer to initiate an electronic fund transfer (EFT) to or from a consumer account.
Businesses will be able to issue payment codes over Twitter.
And there seems to be a lot of room here to craft new uses of the payment codes.
It is requesting new drug payment codes (National Drug Codes or NDAs) for Repatha so it can immediately reduce list prices for those plans that participate.
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