BETA This is a new service – your feedback will help us to improve it.

VOCALINK LIMITED

Company number: 06119048

Reporting period:
1 January 2018 to 30 June 2018

---

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

This report was filed on 27 July 2018

and approved by Paul Stoddart

Payment statistics

Average time taken to pay invoices: 24 days

Invoices paid:

• within 30 days: 91%
• in 31 to 60 days: 7%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 24 %

Payment terms

Shortest standard payment period

14 days

Longest standard payment period

45 days

Standard payment terms

For existing suppliers: 14 days from date of invoice for small businesses with a headcount of less than 50; 30 days from date of invoice for all other businesses.
For new suppliers as of April 2018: 45 days from date of invoice.

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

Yes – 45 days from date of invoice for all new suppliers as of April 2018.

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

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.

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