RAILPEN LIMITED
Company number: 02315380
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
28 July 2022
Approved by:
Stuart Blackett
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 14%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 16%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
28 days
Standard payment terms
Railpen's standard payment terms are 28 days. A small number of suppliers are paid more promptly e.g. where supplies are deemed to be business critical or are identified as a micro business.
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
28 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
The majority of suppliers are required to invoice quoting a purchase order (PO) number for payment. Any invoices submitted without a valid PO number will be rejected and the supplier will be requested to provide a PO number. Ongoing contract management and supplier management is the responsibility of the relationship owner, specified colleague or Budget Holder commissioning the services or goods. Payment dispute resolution is standard within our contracting practices.
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