MEDTRONIC LIMITED
Company number: 01070807
Reporting period:
27 October 2018
to 26 April 2019
This report was filed on 4 June 2019
and approved by Davilynn Erickson
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 67%
- in 31 to 60 days: 30%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 74 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
Standard contractual terms for trade goods and services - 60 days. Healthcare provbiders standard contractual terms - 30 days. Maximum contractual period 60 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
First point of contact for dipsutes id Medtronic accounts Payable Shared Sevices Centre. When an invoice is disputed, the supplier will receive an automated email including the invoice number and reason for rejection. To resolve a dispute the supplier is required to provide any missing information or a corrected invoice. Medtronic follow a strict no PO no pay policy. The PO number is communicated by Medtronic's procurement team at the time of placing the order.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No