Skip to main content

Apple agrees to pay smaller suppliers faster as part of Obama’s new ‘SupplierPay’ program

According to a report from The Wall Street Journal, President Barack Obama is set to announce a new program called “SupplierPay” to help boost small businesses, and Apple is one of the 26 companies listed as having already signed on.

The program intends to send money down the supply chain and help strengthen contractors and smaller businesses by giving them access to lower-cost capital and thereby opening up opportunities for hiring more workers. This, the White House hopes, will increase investments at the small business level as well.

For Apple, this means paying the suppliers of the components it uses in its products in a more timely manner.

Specifically, the program is designed to make sure these contractors are payed within 15 days of being invoiced, which will hopefully lower their need to borrow money.

The program is similar to the already existing “QuickPay” initiative, which makes sure federal employers pay contractors in a reasonable amount of time. The “SupplierPay” program, the White House says, is intended to be “private-sector counterpart” to QuickPay.

FTC: We use income earning auto affiliate links. More.

You’re reading 9to5Mac — experts who break news about Apple and its surrounding ecosystem, day after day. Be sure to check out our homepage for all the latest news, and follow 9to5Mac on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our exclusive stories, reviews, how-tos, and subscribe to our YouTube channel

Comments

  1. jrox16 - 10 years ago

    Won’t hear about this on Fox News… = p

  2. rogifan - 10 years ago

    So basically Obama says “jump” and Tim Cook responds “how high, Sir?”

    • Tim Jr. - 10 years ago

      Unlikely. Apple tends to avoid politics.. usually.. It’s more of a community win, which Apple would see as a long term investment in future sales. Purely good business from Apple’s standpoint.

      • Tim Jr. - 10 years ago

        It costs them nothing really, they just pay invoices quicker.. ok.. so they pay what they ere going to pay? no-brainer really. lol

    • Nick Jaquay - 10 years ago

      Still following the 30/5 rule from the days before electronic payments is silly. 15/5 is more valid now. Nothing wrong with this idea at all. I’d be happy if 15 days became the new standard on invoices.

  3. Daniel J Cox - 10 years ago

    What a great idea. I’ve been a 2-3 person business for 40 years and it’s always been more than frustrating to deal with large corporations/publishers that take 30-90 days to pay their bills. Money I need desperately just to stay in business. Great idea and job on Obama’s part. Thank you as well to Apple.

  4. Gregory Wright - 10 years ago

    I worked in government. My agency had the 30 day before paying rule for no good reason. Bills would come in and sit in a file until the end of the month. I agree make the effort to pay sooner.

  5. Gregory Wright - 10 years ago

    By the way is that a 12″ iPad the worker is holding?

  6. MaaggyP (@MaagAam16) - 10 years ago

    China is doing this because the US Government has banned the purchase of devices such as the iPhone and iPad, which are manufactured in Communist China, from being purchased for it’s employees.

  7. herb02135go - 10 years ago

    This is one of those “why haven’t they been doing this all along” things.

    Kudos to all of the business who are stepping up and not being deadbeats.

  8. Forgive me father (Steve jobs) for I have sinned – Tim Cook

Author

Avatar for Stephen Hall Stephen Hall

Stephen is Growth Director at 9to5. If you want to get in touch, follow me on Twitter. Or, email at stephen (at) 9to5mac (dot) com, or an encrypted email at hallstephenj (at) protonmail (dot) com.


Manage push notifications

notification icon
We would like to show you notifications for the latest news and updates.
notification icon
You are subscribed to notifications
notification icon
We would like to show you notifications for the latest news and updates.
notification icon
You are subscribed to notifications