TESCO PERSONAL FINANCE PLC
Company number: SC173199
1 March 2020
to 31 August 2020
This report was filed on 28 September 2020
and approved by Declan Hourican
Average time taken to pay invoices: 23 days
- within 30 days: 78%
- in 31 to 60 days: 21%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 6 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
Invoices will be paid under the contract within either
14 days if the Supplier is a Small Supplier i.e. spend of <£100k p.a; or
45 days if the Supplier is a Larger Supplier i.e. spend >£100k p.a of receipts in the Accounts Payable Mailbox (TPFPurchase.Ledger@tescobank.com), or by hard copy via post, from the date received in Accounts Payable department of an invoice which quotes the Purchase Order Number.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
Contracts with suppliers contain dispute resolution clauses bespoke to each of our supplier relationships, which should be followed.
Alternatively, where, no contract exists, the Requisitioners named on the Purchase Order should be contacted, and the dispute will be progressed through the appropriate channel.
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?