Faster Payment Terms: how the registration process works
The NSW Small Business Commissioner is collecting registrations from small businesses who wish to be paid faster under the Faster Payment Terms Policy.
Previously, different agencies would require different registrations, resulting in additional effort for small businesses.
This collected information is now shared with agencies participating in the Faster Payment Terms Policy every month. Agencies are given two weeks from the 20th day of each month to update their vendor master systems so that any future invoice from a registered business is identified for faster payment. The wait can be between two to six weeks, as illustrated below.
In this example the Small Business registered before the file is transferred to the agencies.
In this example the Small Business registered just after the file is transferred to the agencies
If you have any questions about the Faster Payment Terms Policy contact us.