GOV.UK
RCI FINANCIAL SERVICES LIMITED
Company number: 03302462
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 21 July 2020
and approved by Julien Louisor
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 79%
- in 31 to 60 days: 17%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 33 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
RCI Financial Services’ policy for the payment of suppliers is as follows:
• Payment terms will be agreed at the start of the relationship with the supplier and will only be changed by agreement;
• Standard payment terms with suppliers of goods and services will be 30 days from receipt of correct invoice for satisfactory goods and services which have been ordered and received unless other terms are agreed in contract;
• Payment will be made in accordance with the agreed terms or in accordance with the law if no agreement has been made; and
• Suppliers will be advised without delay when an invoice is contested, and disputes will be settled as quickly as possible.
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
Suppliers are advised without delay when an invoice is contested with the aim of resolving the dispute as quickly as possible.
Disputes are generally resolved with the department who has placed the order. If the matter cannot be resolved with the department, it will be escalated to senior management for resolution.
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