CAMBRIDGE & COUNTIES BANK LIMITED
Company number: 07972522
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
29 July 2022
Approved by:
Andrea Hodgson
Payment statistics
Average time taken to pay invoices: 12 days
Invoices paid:
- within 30 days: 98%
- in 31 to 60 days: 1%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 2%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The Bank’s standard supplier payment terms are to pay supplier invoices within 30 days of having received the invoice (or from application for payment) whichever is the later, assuming the goods or services have been delivered in accordance with the purchase order. However, we work with our suppliers to reach payment terms that work for both them and the Bank. Cambridge & Counties makes one payment run per week.
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Where the Bank raises a dispute in respect of an invoice, the Bank’s policy is to notify the supplier of the nature of the dispute in writing within 30 days of receipt of the invoice. Invoices are held for payment until any dispute is resolved. Disputes are handled and resolved via Departmental Heads and/or Accounts Payable (Accounts@ccbank.co.uk), who have direct engagement with Suppliers, whose contact details are readily available to all suppliers. Once a disputed invoice has been resolved, payment is made within 30 days of dispute resolution
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