KPN accelerates the introduction of shorter payment terms for SMEs
KPN is already implementing a payment term of 30 days or faster for SME suppliers. In doing so, KPN will accelerate payments to all SME’s ahead of the legislation to apply shorter payment terms. KPN believes it is important to support small business owners currently facing cost increases.
“Even before the new legislation was introduced, KPN was a frontrunner in fast payments for SMEs. I am therefore proud to lead the way in adopting this new 30-day payment term”, says Chris Figee, CFO of KPN. “A strong financial position for SMEs is in all our interests, especially in these uncertain times.”
In 2016, KPN decided to start paying larger SME suppliers faster, to strengthen the financial position of SMEs. Now, KPN is adopting a shorter payment period for all SME suppliers.
Since 1 July 2022, the statutory period for payment to SMEs has been halved to 30 days for large companies. This only applies to new supplier contracts and the renewal of existing contracts. Ongoing contracts do not have to be adjusted until 1 July 2023 at the latest. KPN has decided to convert these contracts to 30 days as well, when the new law is introduced.
KPN committed back in 2016 to paying SME suppliers with an annual purchase volume of less than € 50,000 within 30 days. The telecom company was one of the first large businesses to join Betaalme.nu, an initiative from the Dutch business community, supported by the Ministry of Economic Affairs. As the network of the Netherlands, KPN is closely linked to many Dutch SMEs, which form the foundation of the Dutch economy.