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VOCALINK LIMITED

Company number: 06119048

Reporting period:
1 January 2020 to 30 June 2020

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

This report was filed on 28 January 2021

and approved by Paul Stoddart

Payment statistics

Average time taken to pay invoices: 22 days

Invoices paid:

• within 30 days: 92%
• in 31 to 60 days: 7%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 46 %

Payment terms

Standard payment period for qualifying contracts

45 days

Standard payment terms

45 DAYS

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

No

Maximum contractual payment period agreed

45 days

Any other information about payment terms

N/A

Dispute resolution process

In the first instance disputes are dealt with by the accounts payable team contacting the suppliers to resolve issues
If these issues cannot be resolved then they will be escalated to the procurement team to seek resolution
For the most part all disputes are resolved in a timely manner within 30 days of the issue arising

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