GOV.UK
PAYMASTER (1836) LIMITED
Company number: 03249700
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 30 July 2020
and approved by Guy Wakeley
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 70%
- in 31 to 60 days: 22%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 22 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
The Equiniti Group has a simple approach to supplier payment terms: we have a group standard of 60 days, with the following exceptions:
• Client specific requirements
• Individual contractors billing through their own or an umbrella company, all of whom are on 30 day terms
• Small suppliers (defined as either low value of annual spend or local businesses (for example caterers, taxi firms), typically on payment terms of 30 or fewer days
• Short payment term suppliers (couriers, postage providers)
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
We look to work with our suppliers to ensure our policies and processes are understood and followed to facilitate efficient invoice handling and payment. For example, we request that all invoices are sent in electronically and quote a Purchase Order number as this allows is to track each item and identify and issues using our systems.
We run two large payment runs and two smaller runs each month. We typically pay around 80% of any overdue invoices by the time of our next run, meaning the maximum delay is usually less than a week.
Anything else paid out of terms tends to be caused either by a supplier dispute that needs concluding or from time to time suppliers needing to provide further documentation to support an invoice.
Dispute resolution process
We review each query as it is raised and look to resolve as quickly as is possible
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