Published reports

AMERICAN EXPRESS PAYMENT SERVICES LIMITED

Company number: 06301718

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

Reporting period:

1 July 2020 to 31 December 2020

Report filed on:

28 January 2021

Approved by:

David Bailey


Payment statistics

Average time taken to pay invoices: 4 days

Invoices paid:

  • within 30 days: 94%
  • in 31 to 60 days: 5%
  • in 61 days or more: 1%

Late and disputed:

  • payments due in the reporting period which have not been paid within the agreed period: 1%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

American Express’ standard contract length is 3 years with standard payment days of 60 after receipt of a correct, undisputed, timely provided and properly due VAT invoice. In many instances we raise purchase orders with suppliers and again the standard payment days is 60.

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

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

No further comment provided

Any other information about payment terms

For suppliers where we sign contracts (not purchase orders) Amex has a range of payment tool options that can allow suppliers to be paid faster than the standard 60 days.

Dispute resolution process

The process for resolving potential disputes is explicitly set out in all contracts that American Express enters into with its Suppliers. If there are any disputes / issues around payments or invoices, the first action is for Supplier to get in touch with their contact in American Express. In the event an issue cannot be resolved, then the American Express Procurement team will review the matter and work with the Supplier to identify a solution. In addition, Suppliers are able to contact the Vendor Payables team in order to check the status of their invoice(s) in the payments cycle.

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, 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.

Yes

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