TRAVELEX UK LIMITED
Company number: 01985596
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
31 July 2018
Approved by:
Roderick Suckling
Payment statistics
Average time taken to pay invoices: 21 days
Invoices paid:
- within 30 days: 86%
- in 31 to 60 days: 10%
- in 61 days or more: 4%
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: 37%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
Answer not provided
Standard payment terms
Travelex UK Limited’s standard supplier payment terms are included in our Standard Supplier Terms and Conditions (‘Standard Supplier T&Cs’). Between 1 January 2018 and 14 February 2018, Travelex UK Limited’s Standard Supplier T&Cs included standard payment terms of 30 days. On 14 February 2018, Travelex UK Limited changed its standard payment terms from 30 days to 45 days. The change was only applicable to new supplier contracts entered into on or after 14 February 2018. Accordingly, the standard 30 days payment terms have remained unchanged for supplier contracts entered into prior to 14 February 2018, and payment terms will only be aligned to the new 45 days standard payment terms at renewal. As changes to our standard terms have only been applicable to new supplier contracts entered into on or after the change to Travelex UK Limited’s standard payment terms took effect, existing suppliers have not been notified or consulted on the changes.
Were there any changes to the standard payment terms in the reporting period?
On 14 February 2018, Travelex UK Limited changed its standard payment terms from 30 days to 45 days. The change was only applicable to new supplier contracts entered into on or after 14 February 2018. Accordingly, the standard 30 days payment terms have remained unchanged for supplier contracts entered into prior to 14 February 2018, and payment terms will only be aligned to the new 45 days standard payment terms at renewal. As changes to our standard terms have only been applicable to new supplier contracts entered into on or after the change to Travelex UK Limited’s standard payment terms took effect, existing suppliers have not been notified or consulted on the changes.
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
45 days
No further comment provided
Any other information about payment terms
The rules governing Travelex UK Limited’s payment process are included in our Standard Supplier T&Cs. A supplier is required to invoice Travelex UK Limited on completion of the services rendered through such invoicing procedure as notified by Travelex UK Limited to the supplier from time to time. Each invoice should include supporting information required by Travelex UK Limited to verify the accuracy of the invoice, including but not limited to, the relevant purchase order number. Under our new Standard Supplier T&Cs and in consideration for the supply of the services by a supplier, Travelex UK Limited is required to pay the invoiced amounts within 45 days of the date of a correctly rendered invoice sent by a supplier.
Dispute resolution process
Travelex UK Limited is committed to comply with the payment terms agreed with a supplier. Any dispute related to supplier payment will be handled by Travelex UK Limited’s Legal department and/or Procurement team. Travelex UK Limited’s Standard Supplier T&Cs include the following provisions in relation to the process for resolving disputes related to payment: If Travelex UK Limited fails to make any contractual payment due to a supplier by the due date for payment, then, without limiting the supplier's available remedy as set out in our Standard Supplier T&Cs: - Travelex UK Limited is required to pay interest on any overdue amount at the rate of 3% per annum above The Bank of England's base rate from time to time. - Such interest will accrue on a daily basis from the due date until the date of actual payment of the overdue amount, whether before or after a potential judgment. - For payments disputed in good faith, interest on any overdue amount will only be payable after the dispute is resolved, on sums found or agreed to be due, from the due date until payment.
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