Tuesday, June 18, 2024

Woolworths to reduce payment times to small business

From July 1, Woolworths will pay merchandise suppliers with net sales to Woolworths of less than $1 million within 14 days.

The retailer said in a statement released last week that small-business suppliers of fresh food were already generally paid within seven to 14 days after delivery, “because they are either supplying fresh food, engaged under our local buying initiative or requested weekly payment terms at the start of their relationship with Woolworths”.

The promise of reduced payment times mirrors that from Coles, which last month announced that, from July 1, it would reduce payment times to within 14 days for businesses with a turnover of up to $1 million.

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