Xerox Joining President Obama's Move to Pay Suppliers Faster

  • big-banner-ad_2-sean
  • cartridgewebsite-com-big-banner-02-09-07-2016
  • 4toner4
  • mse-big-banner-new-03-17-2016-416716a-tonernews-web-banner-mse-212
  • Video and Film
  • Print
  • 7035-overstock-banner-902x177
  • mse-big-new-banner-03-17-2016-416616a-tonernews-web-banner-mse-114
  • 05 02 2016 429716a-cig-clearchoice-banner-902x177
  • 2toner1-2

Xerox Joining President Obama's Move to Pay Suppliers Faster

 user admin 2014-11-20 at 11:50:25 am Views: 173
  • #41515

    Xerox Joining President Obama's Move to Pay Suppliers Faster
    By Angela Greiling Keane

    Intel Corp and Xerox Corp.are among 20 companies joining an initiative by President Barack Obama’s administration that encourages large corporations to pay small suppliers faster to improve their cash flow.

    The companies join the 26 inaugural participants in the program, which began in July. It builds on a federal initiative started in 2011 for government contractors to pay suppliers faster. Representatives of participating companies will meet today at the White House, according to an e-mailed statement.

    “These companies are making a powerful statement about the role of larger American companies in supporting the health and vitality of the small businesses that comprise much of their supply chains,” White House National Economic Council Director Jeff Zients said in a statement.

    The event, the day after Obama’s return from a week-long trip to Asia, is also designed to re-emphasize the White House focus on the U.S. economy. Obama campaigned for Democrats in this month’s elections — when Democrats lost control of the U.S. Senate — with a message of having improved the economy since the recession that greeted him when he took office in 2009.

    The U.S. Commerce Department, in a report released today, cites Georgia Tech Financial Analysis Lab data showing corporate payables times have increased from an average of 35 days in March 2009 to 46 days in July 2014.

    The report found that accelerating payments also helps the larger firms by ensuring they have access to a quality supplier base.

    Intuit Inc., which joined the program in July, said today it has offered 10-day payment terms to 320 small businesses, affecting $40 million in payments this year and $80 million annually when the contracts apply to more suppliers.