PRAESOLVO – The Latin expression “praesolvo” (or “prae solvo”) can be translated into English as “pay in advance” or “resolve in advance.”
The word is formed by “prae” (before, previously) and “solvo” (to release, to pay, to resolve).
Therefore, “praesolvo” means to make a payment or resolve an issue before the expected deadline.
Dedicated to fostering timely payments through the World!
Global Economic Benefits
1. Encourages Economic Growth: Facilitates efficient money circulation within the economy.
2. Minimizes the Risk of Bankruptcy: Helps maintain economic stability and prevent business failures.
3. Enhances Global Trade: Ensures smooth financial transactions across borders.
4. Stabilizes Financial Markets: Reduces volatility by ensuring businesses have the funds they need to operate.
5. Increases Government Revenue: Prompt business payments can lead to more timely tax payments.
6. Reduces Economic Disparities: Helps balance economic scales by ensuring smaller entities receive their dues on time.
7. Boosts Global Economic Confidence: Strengthens overall economic confidence at international levels.
Business Advantages
1. Enhances Cash Flow: Critical for maintaining daily operations.
2. Decreases the Need for Overdrafts and Loans: Reduces interest costs and financial risk.
3. Improves Supplier Relationships: Can lead to better terms and discounts.
4. Attracts Investment: Companies known for financial reliability attract more investors.
5. Reduces Operational Inefficiencies: Minimizes disruptions caused by financial issues.
6. Supports Innovation and Growth: Financial health enables investment in new technologies.
7. Enhances Market Competitiveness: Allows firms to respond swiftly to market opportunities.
Ethical and Relational Advantages
1. Builds Trust in Business Relationships: Essential for long-term cooperation.
2. Promotes Ethical Business Practices: Reflects a commitment to ethical standards.
3. Supports Small Businesses and Startups: Critical for their survival and growth.
4. Improves Community Relations: Businesses seen as reliable and ethical gain community trust.
5. Enhances Customer Satisfaction: Reliable payments improve service delivery to customers.
6. Promotes Fair Trade Practices: Encourages adherence to fair business practices.
7. Fosters Transparency: Open financial practices lead to greater transparency. We Do
Countries: (Sorry! Some links are changed periodically….)
Australia:
• Initiative: Australian Supplier Payment Code (Australian Supplier Payment Code)
• Description: A code in Australia that encourages timely payment to suppliers.
• Website: https://www.bca.com.au/supplier_payment_code
Canada:
• Initiative: Prompt Payment Policy (Prompt Payment Policy)
• Description: A policy in Canada that ensures prompt payment for construction industry.
France:
• Initiative: CNA (Conseil National des Achats)
• Description: La Charte Relations fournisseurs et achats responsables
• Website: https://www.economie.gouv.fr/mediateur-des-entreprises/charte-relations-fournisseurs-responsables
Germany:
• Initiative: Gesetz zur Bekämpfung von Zahlungsverzug im Geschäftsverkehr (Law to Combat Payment Delay in Business Transactions)
• Description: A German law to combat payment delays in business transactions.
India:
• Initiative: MSME समाधान (MSME Samadhaan – Timely Payment Resolution)
• Description: An Indian initiative to ensure timely payments to Micro and Small Enterprises (MSEs), facilitating dispute resolution and enforcing compliance.
• Website: https://samadhaan.msme.gov.in/MyMsme/MSEFC/MSEFC_Welcome.aspx
Italy:
• Initiative: CRIBIS Payment Study
• Description: AA detailed study conducted in Italy that monitors punctual payment practices among companies and suppliers, promoting responsible payment behavior.
Portugal:
• Initiative: Compromisso Pagamento Pontual (Commitment to Prompt Payment)
• Description: A commitment by organizations in Portugal to pay their invoices on time.
• Website: https://pagamentospontuais.org
Spain:
• Initiative: Plataforma Multisectorial contra a Morosidad (Multisectoral Platform against Delinquency)
• Description: A platform in Spain aiming to combat late payments across various sectors and ensure suppliers are paid on time.
• Website: https://www.pmcm.es
United Kingdom:
• Initiative: Prompt payment policy
• Description: Measures introduced by the UK Government to tackle late and unfair payment practices in both public and private sectors.
• Website: https://www.gov.uk/guidance/prompt-payment-policy
United States:
• Initiative: Prompt Pay Pledge
• Description: U.S. initiative led by the U.S. Chamber of Commerce that encourages companies to commit to paying their small business suppliers promptly or offering financing options to ensure their liquidity and growth.
• Website: https://www.uschamber.com/major-initiative/prompt-pay-pledge
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PraeSolvo Pay on time FOR a BETTER WORLD 