Verify is a Registration-as-a-Service (RaaS) that suppliers can use to register for small business status and reduce their payment terms with their large customers in an efficient, secure and confidential manner
Benefits for large companies
Verify is a cost effective tool that removes the admin burden of having to comply with the Business Council of Australia’s Supplier Payment Code and other payment term legislation like the Payment Times Reporting Bill 2020, that was tabled in parliament on 13 May 2020
Verify deploys two distinct approaches to deliver its service
- Verify taps into Earlytrade’s Marketplace network of over 40,000 suppliers and is also connected to over a dozen independent data sources
- It leverages these networks to perform top-down elimination analysis and remove any large businesses that may be on small business status
- Suppliers can register for small business status on Verify by providing evidence. Supplier privacy is protected from large customers to eliminate any conflict of interest
- Once verified, suppliers can access favourable small business terms and must remain verified to continue to access them
- Verification management continues autonomously and can dynamically change to comply with any new legislation
- BCA Code compliant, Payment Times Reporting Framework legislation will be enacted from 1 January 2021. E-invoicing legislation enacted 1 January 2020
what can you do to manage the working capital impact?
The Payment Times Reporting Bill 2020 was tabled in Australian Parliament 13 May. The Business Council of Australia has over 100 signatories signed up to their Australian Supplier Payment Code.
There is mounting evidence that by 2021 any company in Australia turning over more than $100m will be required by law to pay their small business suppliers within 30 days. And report on their payment performance.
But how do you identify who is actually a small business in your supply chain? And what are the business risks and regulatory repercussions if you don’t manage this properly?
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