Are your terms changing?
Every week we are reporting that payment terms are changing to due to the financial crisis linked to coronavirus. Keeping the industry up to date with the changes that are happening within your businesses is essential for all parties to be kept informed of the details pertinent to on-going orders.
Whilst the BPMA continues to urge all its members to update customers on any payment terms change, we are asking all suppliers to keep us updated of significant terms changes so that we can help keep the lines of communication open in the industry.
With reports that many suppliers are moving or have already moved to proforma, even where previous good payment history exists, doesn’t come as a surprise however this does cause concern for distributors with previously quoted terms suddenly changing at the point of final order or dispatch. This may leave distributors little or no opportunity to renegotiate terms with end user clients.
In addition is it imperative for distributors to keep to agreed terms, contacting suppliers directly should payment delays be expected.
The BPMA urges all parties to keep lines of communication open and use the membership platforms to help broadcast change, keeping our industry moving positively at this time.