Woolworths commits to quicker supplier payments
Supermarket giant Woolworths has signed to the Business Council of Australia’s Supplier Payment Code, at the same time publishing a Small Supplier Payments Policy.
The policy incorporates its existing practice of paying small suppliers of merchandise to Woolworths supermarkets within 14 days of receiving goods.
The grocery’s small suppliers will be eligible for payment terms not exceeding 30 days from the receipt of a correct invoice and the date the correct goods were received or services supplied.
“We’re proud to partner with hundreds of enterprising, creative and hard working Australian small businesses across the Woolworths Group. They play a key role in helping us deliver great experiences and products for our customers every day. We recognise how important prompt and on time payments are to the economic health of the sector and are pleased to release this policy. This is an important demonstration of our commitment to doing the right thing by small business and will help us foster even stronger partnerships across the sector,” Woolworths Group CEO Brad Banducci said.
The new policy incorporates Woolworths Supermarkets’ existing practice of paying small suppliers of merchandise within 14 days from receipt of goods. Its supply chain includes more than 18,500 Australian suppliers providing goods and services to Woolworths Supermarkets, BIG W, Dan Murphy’s, BWS and other brands. The policy improves the company’s payment processes, which focuses on small suppliers.