LOTUS TRAVEL LIMITED
Company number: 01520706
Reporting period:
1 November 2018 to 30 April 2019
Report filed on:
24 September 2019
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%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 0%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
Standard payment terms
66% supplier payments through IATA BSP automatic payment system 15 days from invoice. 26% on 30 day payment terms 8% in immediate payment or credit card in advance with average 5 days to supplier cleared funds.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
Airline product governed by standard BSP automated payment terms. "Ground Products" vary between monthly credit terms and payment before services are provided.
Any other information about payment terms
Industry standard: if payment terms not observed services will not be provided
Dispute resolution process
Airline standard resolution terms. Ground arrangement disputes resolved bilaterally within standard industry practices.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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