ARAG SERVICES LIMITED
Company number: 03457887
Reporting period:
1 January 2024 to 30 June 2024
Report filed on:
30 July 2024
Approved by:
Anthony Coram
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 83%
- in 31 to 60 days: 12%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 38%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
30 days.
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
50 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All complaints are investigated by checking the status of the invoice. DAS’ accounts payable function will investigate and inform the complainant of the current state of payment or request a copy of the invoice.
i. If the invoice is pending approval, DAS will internally contact the approver;
ii. If the invoice has been paid, an internal investigation takes place to identify if non-receipt of payment is a timing issue, or if payee details are incorrect;
iii. If there is a dispute with the invoice, then communication is issued to the approving manager to inform them of the complaint and to establish if the complainant is aware of the query or dispute delaying payment.
DAS pay its suppliers on a weekly basis and deal with very few complaints. However, all complainants are kept informed of the payment status in every situation outlined above.
Complaints are escalated if goods/services have or will be disrupted, if same day payment is required, or at request of the complainant.
There is no dispute resolution process published on DAS’s website for external suppliers.
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