CHINA TELECOM (EUROPE) LIMITED
Company number: 05728497
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
27 July 2018
Approved by:
Li Cao
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 70%
- in 31 to 60 days: 24%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 33%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Within 1 month for monthly-recurring invoices, except there is a dispute.
Within 1 month for non-recurring invoices after goods delivered or service starting to be used, confirmed by China Telecom (Europe) Limited, except there is a dispute.
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
45 days
No further comment provided
Any other information about payment terms
The invoices should be paid after the confirmation of the goods delivered or service starting to be used.
Normally, China Telecom (Europe) Limited pays for monthly-recurring invoices when services are used in the same month. For example, if the service recurs in July, it would be paid in July. When invoices are issued in advance, the invoices will not be paid on that time, while when invoices are issued later, China Telecom (Europe) Limited will pay them on time.
Dispute resolution process
If suppliers complain about the payment, normally, they send emails or call us asking when to be paid, Finance Department will check if the invoices should be paid and if the payment requests have been approved in China Telecom (Europe) Limited's internal process at first. There is a complexed payment approval process in our company before the payment goes into the bank, it allowing 5-10 working days to finish the process. After that, our cashier will transfer the payment into the bank and then the bank will spend some time on finishing the payment. After checking, Finance Department will reply the suppliers and estimate when the payment will be received.
If there is a dispute, the email address ctesettlement@chinatelecomglobal.com will email or Finance Department will call the suppliers to discuss the dispute. Before the dispute tackled, the whole invoices would be hold and won’t be paid, since China Telecom (Europe) Limited cannot split the invoices to pay.
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