Clients of Oxygen Finance have processed more than £2 billon in free early payments to small and micro businesses via the FreePay scheme.

Small and micro businesses are the lifeblood of the UK economy, but many struggle to get paid. FreePay delivers true social procurement by enabling public sector buyers to pay small business invoices early without charge, accelerating cash to the businesses that need it most.

Since launching in 2017 FreePay has enabled Oxygen’s public sector clients to pay more than 920,000 invoices early and for free, improving cashflow and reducing financing costs to over 15,000 suppliers in their local economies.

The ability to receive faster payment for free reduces the need for small and micro businesses to seek alternative funding such as bank loans. Higher interest rates have increased the cost of borrowing significantly, putting additional pressure on businesses. By accelerating invoice payment, suppliers can maintain healthier cash flow, fuel business growth and support local jobs.

Congratulations to all our FreePay clients for all they are doing to support their local communities.

Some of our clients explain the benefit FreePay is delivering to their region.

	“As a council we are committed to supporting local and small businesses.  Our FreePay programme provides early payment free of charge to local small and micro businesses, accelerating payment to the organisations that need it most. So far, we’ve paid over £5m early to suppliers through FreePay and have nearly 150 suppliers on the scheme. As the economic outlook puts pressure on small businesses, FreePay will continue to accelerate cash and provide much-needed support to our suppliers.” Paul Ross, Enablement & Payments Manager, Trafford Council
	“We’re particularly proud of our FreePay Programme which has accelerated over £23m to local, small suppliers, paid more than 16,000 invoices early for free, and improved cash flow for over 300 suppliers.” Mark Nicholson, Chief Finance Officer, Newcastle City Council
	“FreePay provides significant benefits to our suppliers with hundreds of firms receiving payments quickly and efficiently…getting paid fast can be a lifeline.“ Cllr Paul Johnson, Flintshire Council Cabinet Member for Finance, Social Value & Procurement
	“We’re especially proud of the support FreePay provides to our small local suppliers, providing early cash payments at no cost.” Shaun Darcy, Director of Finance & Corporate Performance, Walsall Council
	“As a forward-thinking council, we always look for ways we can help the community and get money to the businesses that need it most. Our community vision sets out our intention to make Wokingham Borough a great place to live, learn work, grow and do business. Without the key pillar of stability for small businesses, there are so many individuals that would struggle and wider implications for the borough as a whole.” Councillor Clive Jones, Leader of Wokingham Borough Council

Stewart Turkington, a freelance photographer benefitting from the FreePay scheme at Wokingham Borough Council, explains why early payment is vital for small businesses.

If you’d like to learn more about FreePay and Early Payment, or you’d like to showcase how your council is supporting suppliers through this initiative, please contact us.