LOTUS TRAVEL LIMITED
Company number: 01520706
Reporting period:
1 November 2017
to 30 April 2018
This report was filed on 17 May 2018
and approved by John Phelps
Payment statistics
Average time taken to pay invoices: 17 days
Invoices paid:
- within 30 days: 100%
- in 31 to 60 days: 0%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 0 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
30 days
Standard payment terms
64% supplier payment through airline BSP automatic payment system 15 days from invoice. 28% on 30 day payment terms 8% immediate payment or credit card in advance with average 5 days to supplier receipt.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
All airline product governed by standard BSP automated payment terms. "ground" products vary between suppliers with credit terms and suppliers requiring payment before services provided.
Any other information about payment terms
Travel industry standard terms. If payment terms not met services will be withdrawn.
Dispute resolution process
Airline standard resolution terms. Ground arrangement disputes resolved bilaterally
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