TAKEPAYMENTS LIMITED
Company number: 03102137
Reporting period:
1 April 2020 to 30 September 2020
Report filed on:
11 November 2020
Approved by:
Mark Dann
Payment statistics
Average time taken to pay invoices: 84 days
Invoices paid:
- within 30 days: 16%
- in 31 to 60 days: 43%
- in 61 days or more: 41%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 88%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
730 days
Standard payment terms
takepayments Ltd shall pay the charges 30 days following receipt of an invoice.
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
730 days
No further comment provided
Any other information about payment terms
Please Note: The COVID 19 pandemic caused significant detrimental impact to takepayments revenues. The business as per government guidelines sought agreement with many of its creditors to informally extend payment terms during the reporting period. Whilst we continue to be impacted by the COVID 19 pandemic, where possible we are reverting back to standard payment terms. Also note that many invoices rely on detailed reconciliation of units purchased and some of the reasons for delayed payment is lack of adequate data provided by suppliers. We work closely with those suppliers in such circumstances to resolve and where possible change processes/information flow to prevent future delays in payment due to lack of data.
Dispute resolution process
If an invoice is in dispute, payment will be put on hold and the supplier will be notified of the dispute reasons by Accounts Payable. If a resolution cannot be reached, the dispute resolution will be elevated to the Financial Controller and where necessary the CFO or CEO.
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.
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