Barnet LBC says the reduction will help support local business during the current economic downturn by stimulating the local economy, increasing cash flow and promote stronger business links with the council.
The latest edition of LGC magazine exclusively reported the results of a survey of councils' responses times to invoices.
Then, just over half of Barnet LBC's invoices were paid within 10 days and the average for the council was 13 days.
The council says the move follows other successful initiatives by the council to help local traders in recent months:
a temporary reduction of on and off-street pay and display charges over the Christmas period
targeted advice and information to those businesses in the borough entitled to Small Business Rate Relief
Leader of the Council, Mike Freer said: “Many businesses across the country are feeling the pinch during these uncertain financial times and therefore it is important the council takes whatever steps it can to support our local traders.
"The council has introduced a number of measures to assist businesses in Barnet and will continue to work with smaller companies to help secure their long-term future.”