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PAYMENTSHIELD LIMITED
Company number: 02728936
Reporting period:
1 July 2022
to 31 December 2022
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 30 January 2023
and approved by Robert Evans
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 56%
- in 31 to 60 days: 37%
- in 61 days or more: 7%
Invoices due but not paid within agreed terms: 50 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
30 days from date of invoice
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
Suppliers are contacted to notify them if there is an issue with the invoice, service or goods. The business representative who ordered the goods/services from the supplier then works to resolve any issue with their contact at the supplier. The supplier can also contact the finance team regarding payment. Disputes will be escalated up the management chain if not satisfactorily resolved.
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.
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