TRAVELOPIA HOLDINGS LIMITED
Company number: 05934241
Reporting period:
1 October 2020 to 31 March 2021
Report filed on:
26 April 2021
Approved by:
Dominic Binefa
Payment statistics
Average time taken to pay invoices: 67 days
Invoices paid:
- within 30 days: 31%
- in 31 to 60 days: 46%
- in 61 days or more: 23%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 30%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Standard payment period for qualifying contracts
30 day from receipt of invoice with majority of suppliers on net monthly terms (invoices month 1 are paid by end of month 2)
Standard payment terms
Travelopia Holdings Limited standard payment terms are 30 days from receipt of invoice on normal qualifying contracts unless specifically agreed or net monthly from the date of invoice. We have several suppliers who offer differing payment terms and we do our best to accommodate these.
Creditors send invoices throughout the month, with 99% being received by email. Creditors are paid twice monthly. The payment runs are produced twice per month paying invoices approved and due during the payment week. This results in suppliers being paid for invoices both before and after 30 days. For the purpose of this report we have used 50 days as the average number of days for net monthly payments. (Invoices in month 1 paid by end of month 2).
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
60 days
The information provided covers 109 suppliers used in the reporting period and 400 invoices were processed from 01 Oct 2020 to 31 Mar 2021. All our suppliers are paid electronically by BACS, SEPA (suppliers in Europe) or by bank transfer.
Any other information about payment terms
No further comment provided
Dispute resolution process
The Company is committed to dealing with its suppliers in a fair, honest and professional manner and as close to contractual terms as we possibly can. We do our utmost to resolve queries quickly and to everyone’s satisfaction. It is important to us that there is no negative impact on our customers experience and our supplier relationships are essential in delivering the first class services our customers expect. A close working relationship and good payment performance is paramount in our business.
All our suppliers have a personal point of contact within the Accounts Payable Department and either email or telephone the team member to discuss payment concerns. The Accounts Payable Executives and Team Leader work closely with our suppliers and departments to understand why an invoice is not approved or not yet paid. Every effort is made to ensure the invoice is included in the next payment run.
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