Prompt Pay Playbook for Small Business Suppliers

This guide outlines the steps companies can take to accelerate payments to small business suppliers, developed by Intuit in collaboration with the US Chamber of Commerce. The document emphasizes the importance of prompt payments for small businesses, which are crucial to the US economy, employing nearly half of the workforce and contributing significantly to the GDP. It details the Prompt Pay Pledge initiative launched in 2023, encouraging companies to commit to quicker payment terms. The playbook provides a structured approach for organizations to implement accelerated payment processes, including gaining executive buy-in, updating supplier contracts, and tracking payment progress. It highlights the need for effective communication with suppliers and the collection of data to support the business case for prompt payments. The document serves as a resource for business leaders aiming to enhance their operational practices and foster a healthier economic ecosystem for small businesses.