Manufacturers in Cambridgeshire and Peterborough can take greater control of their cashflow through a new corporate partnership between the Smart Manufacturing Alliance (SMA) and payments specialist, Saltare.
The partnership will also open up connections with the Office for the Small Business Commissioner through Saltare’s close ties with the government’s fair payments body.
It is estimated that 82% of businesses fail not because of lack of profit, but lack of cash. Yet UK SMEs are currently waiting on almost £200bn tied up in unpaid invoices.
Cashflow challenges could be hindering significant growth and investment in local manufacturing, so the SMA hopes that Saltare’s payment platforms will help businesses free up resources and invest more in innovation, job creation and growth.
Saltare uses innovative digital products to incentivise early payments and let suppliers and customers know when invoices will be paid. This gives SMEs more certainty about cashflow and strengthens relationships across the supply chain. All of this can be a lifeline to levelling up and supercharging growth.
Early Pay is one of Saltare’s latest tech-driven solutions to improve the flow of cash to the entire supply chain. It gives buyers cash incentives to pay early and can integrate into enterprise resource planning (ERP) systems. Once the buyer approves an invoice, Early Pay will notify the supplier and let them know when the invoice will be paid.
Saltare’s close ties to the Office of the Small Business Commissioner means Smart Manufacturing Alliance members can access additional content and advice around late payments.
Bob Hart, SMA Programme Director, explained: “Giving our members quick and simple payment systems like Early Pay not only safeguards their cashflow, but could help them divert more resources into innovative projects, new tech and equipment, and create more opportunities for staff to develop their skillsets.
“We’re delighted to bring Saltare on board as a corporate partner for the Smart Manufacturing Alliance. There will be lots of advice to help our members secure payments on time, and keep their businesses running smoothly. The knock-on effect along the supply chain will be a real boost for our local economy.”
Ant Persse, CEO of Saltare said, “We’re really pleased to be working with the Smart Manufacturing Alliance to support the sector. It’s our mission to change the mind-set of businesses once and for all, embracing a positive approach to payments to build stronger economies.
“Our tools bring the certainty of payment and cashflow to both ends of the supply chain. We’re excited to work even closer with manufacturers across Cambridgeshire and Peterborough, supporting their business growth, and building a more resilient sector.”
Members of the Smart Manufacturing Alliance can find out more about the benefits at sma-uk.co.uk/experts/saltare.