GOV.UK
ONFIDO LTD
Company number: 07479524
Reporting period:
1 February 2022
to 31 July 2022
This report was filed on 26 August 2022
and approved by Chin Seng Goh
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 61%
- in 31 to 60 days: 35%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 42 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
Our Standard Conditions of Purchase provide for payment Net 30 days in which an invoice is received, subject to (i) a valid invoice being properly provided by the supplier and (ii) the relevant goods and services being delivered and accepted by us, in accordance with the contract. Whilst the company does contract its business on the basis of bespoke terms and conditions, the relevant payment terms are largely consistent with those contained within the Standard Conditions of Purchase.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
Where the date that an invoice has been received cannot be reliably established (primarily due to IT limitations), the supplier’s invoice date is used as day “0” for the purposes of the calculation of the reported payment statistics.
It is not precisely known when payments credit into a supplier’s bank account (we do not have systems that accurately record this event) and the various payment methods that Onfido uses depending on the timing of payments. For the disclosed statistics, we have made a reasonable estimation of when payments have cleared into a supplier's bank account of 3 days.
Where an invoice has been settled through the matching of a credit note, this invoice is not included in the payment statistics. If there is a partial match of a credit note against an invoice, the payment of the remainder of the invoice is included in the payment statistics.
Dispute resolution process
As per our standard conditions of purchase, if a payment dispute arises, then the parties are required to resolve any issues that have been identified and use reasonable endeavours to resolve the dispute amicably. Either with the Accounts Payables team for administrative issues or with the vendor relationship manager, who is their primary point of contact.
A valid invoice must be submitted to ensure that it is processed in accordance with Onfido policy, referencing a valid purchase order. Payment without a purchase order is only accepted in exceptional circumstances and must be done so in writing at the time of contract execution. And submitted via the authorised channel, as detailed on the purchase order.
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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
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