GE MONEY SERVICING LIMITED
Company number: 03859120
Reporting period:
1 December 2017
to 31 May 2018
This report was filed on 29 June 2018
and approved by Samantha Jones
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 50%
- in 31 to 60 days: 31%
- in 61 days or more: 19%
Invoices due but not paid within agreed terms: 59 %
Payment terms
Shortest standard payment period
90 days
Longest standard payment period
120 days
Standard payment terms
Longest Standard terms are agreed with our key partners and those benefiting from group spend. They tend to be large international organisations
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
120 days
Maximum terms are agreed with our key partners and those benefiting from group spend. They tend to be large international organisations
Any other information about payment terms
N/A
Dispute resolution process
Disputes are referred to sourcing by staff and Accounts payable. Sourcing engage with the supplier clarify any discrepancies and to agree payment terms.
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.
No
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