TESCO PERSONAL FINANCE PLC
Company number: SC173199
Reporting period:
1 September 2021 to 28 February 2022
Report filed on:
25 March 2022
Approved by:
Richard Henderson
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 84%
- in 31 to 60 days: 16%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 3%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
45 days
Standard payment terms
Invoices will be paid under the contract within either 7days (If the supplier is a small supplier i.e. spend of <£250k p.a) or 45 days (if the Supplier is a Larger Supplier i.e. spend >£250k p.a) of receipts in the Accounts Payable Mailbox (TPFPurchase.Ledger@tescobank.com), or by hard copy via post, from the date received in Accounts Payable department, of an invoice which quotes the Purchase Order Number.
Were there any changes to the standard payment terms in the reporting period?
To support small suppliers at the start of the COVID pandemic, Tesco Bank temporarily reduced their payment terms to 5 working days and changed the definition of small supplier from suppliers where spend is <£100k per annum to suppliers where spend is <£250k per annum. This change has now been made permanent with terms of 7 days in order that funds clear within 5 working days
Were suppliers notified or consulted about these changes before they were made?
Suppliers impacted by the change were contacted and advised of this change.
Maximum contractual payment period agreed
45 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
Contracts with suppliers contain dispute resolution clauses bespoke to each of our supplier relationships which should be followed. Alternatively, where no contract exists, the Requisitioner named on the Purchase Order should be contacted, and the dispute will be progressed through the appropriate channel.
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