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VERIZON UK LIMITED

Company number: 02776038

Reporting period:
1 July 2019 to 31 December 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 29 July 2020

and approved by Clare Aitkenhead

Payment statistics

Average time taken to pay invoices: 30 days

Invoices paid:

• within 30 days: 79%
• in 31 to 60 days: 20%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 30 %

Payment terms

Shortest standard payment period

1 days

Longest standard payment period

90 days

Standard payment terms

Standard payment terms are 60 days post invoice date in our EMEA markets.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

90 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

Verizon Accounts Payable has a dedicated helpdesk that offers suppliers support. The team can be contacted by email 7 Monday to Friday. Contact by e-mail is acknowledged within a maximum of 2 working days with all supplier queries being assigned a unique case number.

Verizon offers a supplier payment portal to allow suppliers to view payment statusIf a complaint cannot be resolved by Verizon Accounts Payable then the matter will be referred to the relevant manager in the department that engaged with the supplier who will attempt to resolve the issue in accordance with the applicable terms and conditions.

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