VERIZON MEDIA UK LIMITED
Company number: 03462696
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
18 February 2021
Approved by:
Kristiana Carlet
Payment statistics
Average time taken to pay invoices: 20 days
Invoices paid:
- within 30 days: 79%
- in 31 to 60 days: 19%
- in 61 days or more: 2%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 10%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
Standard is 90 days. However only 2% of customers were on these terms in the period https://www.verizonmedia.com/policies/ie/en/verizonmedia/terms/vendor/mastertnc/index.html
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
90 days
Only 2% of customers were on these terms in the period
Any other information about payment terms
Standard terms are 90days. However, for vendor contracts signed before the standard was set, those vendors kept their existing contract terms. Also exceptions are allowed to the standard terms if approved
Dispute resolution process
Reference section 4.1 in the link provided. All disputes will be reviewed by the Business Group purchasing the goods/service. In the event of escalation, Procurement and Legal will review. https://www.verizonmedia.com/policies/ie/en/verizonmedia/terms/vendor/mastertnc/index.html
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.
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