NIFCO UK LIMITED
Company number: 01392769
Reporting period:
1 July 2022 to 31 December 2022
Report filed on:
24 January 2023
Approved by:
Gary Clark
Payment statistics
Average time taken to pay invoices: 50 days
Invoices paid:
- within 30 days: 22%
- in 31 to 60 days: 46%
- in 61 days or more: 32%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 19%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms as per our terms and conditions of trade are 60 days end of month.
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
60 days
Although we have standard terms of 60 days End of Month, we often agree shorter terms depending on the nature of the goods or services or the individual supplier, we are supportive of small businesses and often agree to preferential (shorter) payment terms to support these in our supply chain.
Any other information about payment terms
No further comment provided
Dispute resolution process
Any Payment disputes which arise from pricing or quantity differences are dealt with via our internal resolution process to identify the cause of the issue, this would involve the purchasing team and the warehousing team where appropriate, this would then be communicated back to the supplier concerned and resolved accordingly.
Any disputes over quality of supply would be dealt with either by the purchasing team or the person responsible for procuring the goods or services directly with the supplier.
In the event of disputes which cannot be resolved using or normal resolution process, or if we find ourselves at an impasse with the supplier, these disputes will be escalated through the business to the appropriate level for agreement & resolution between the two parties.
Other payment information
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