The new Fair Payment Code, introduced by the UK government in January 2025, is designed to tackle the longstanding issue of late payments, particularly benefiting small businesses.
How will the new Fair Payment Code impact large companies
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Lease Finance
Lease finance lets you rent equipment or assets for a fixed period, rather than buying them outright. It’s a handy way to get access to the tools you need, without tying up a load of cash.
Revolving Credit Facility
A Revolving Credit Facility (RCF) is like a flexible overdraft for your business. You get a pre-approved pot of money you can dip into whenever you need, repay when you can, and draw from again — hence the “revolving” bit.
Merchant Cash Advance
A Merchant Cash Advance (MCA) lets you borrow money based on your future card sales. Instead of a fixed monthly repayment, the lender takes a percentage of your daily or weekly card takings until the amount is paid back.
Differences Between Recourse and Non-Recourse Factoring
Recourse factoring is suitable for businesses that can manage the risk of non-payment and seek lower costs, while non-recourse factoring is better for those who want to mitigate risk but are willing to pay higher fees.
Cash Flow Challenges and Late Payments
Many UK businesses struggle with cash flow due to late customer payments, with studies indicating that 58% to 87% face such issues Barclays.