Business Minister Blair McDougall visited the coffee company near Liskeard last week to publicise the scheme.
He said: “These are genuinely game changing measures that will ensure no business, no employer, no family has to endure the immense strain of being left strapped for cash they have already earned.”
McDougall added: “Previous attempts to crack down on late payers have left too many loopholes where businesses can negotiate away their right to be paid quickly.
“Farmers have been complaining about it for decades and my message to big companies is to get ahead of it, start sorting out your payment practices now because not only will it cost you it’s also just not fair.”
A government spokesperson said the new legislation would be voted on in Parliament “when time allows”.