Australian Ombudsman Recognizes C2FO’s Commitment to Help SME Suppliers
April 13, 2020 |
The C2FO Team
In recent months, supply chain finance (SCF) programs have come under increased scrutiny in Australia — and with good reason. The Australian media in January reported on alleged abusive practices by the SCF programs of a small group of corporates toward their small and mid-sized enterprise (SME) suppliers. The alleged tactics included leveraging the programs to justify unilaterally extended terms with the SMEs that would be most harmed by this practice.
At C2FO, we see SME suppliers as the lifeblood of any thriving economy, which is why our mission since our inception more than a decade ago is to deliver a future where every company in the world has the capital needed to grow. We believe in partnering with corporates that share our dedication to showing the Australian market and the world what a fair, ethical and transformative solution working capital is for both enterprises and their suppliers.
In her March 2020 final report about supply chain finance, Ombudsman Kate Carnell noted C2FO’s commitment to working with Australian corporates to standardise payment terms to a maximum of 30 days for SME suppliers. She reiterated C2FO’s stance that SMEs also should have access to an optional early payment program to utilize when and if they need it.
“We are grateful that the ombudsman recognizes C2FO’s strong commitment to openness and fairness in providing suppliers of all sizes with the capital they need to grow,” said Iain Rolfe, managing director of C2FO Australia. “We continue to work every day to provide early payment at a competitive cost to SMEs, so that they receive a better-than-market rate and an even better experience.”
In Australia and throughout the world, C2FO remains very supportive of a consistent small business definition and transparent payment times, as the C2FO platform clearly shows all invoice due dates. C2FO has always supported 30-day payment terms for small businesses, as well as voluntary programs in which suppliers can choose how and when they get paid.
To learn more, visit www.C2FO.com.