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  2. LOTUS TRAVEL LIMITED reports

LOTUS TRAVEL LIMITED

Company number: 01520706

Reporting period:
1 May 2018 to 30 October 2018

This information is as reported by the business, and responses are in their own words.

This report was filed on 19 November 2018

and approved by John Phelps

Payment statistics

Average time taken to pay invoices: 17 days

Invoices paid:

Invoices due but not paid within agreed terms: 0 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

30 days

Standard payment terms

64% supplier payments through airline BSP automatic payment system 15 days from invoice. 28% on 30 day payment terms 8% on immediate payment or credit card in advance with average 5 days to supplier cleared funds receipt.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

30 days

Airline product governed by standard BSP automated payment terms. "ground" products vary between suppliers with credit terms and suppliers requiring payment before services are provided.

Any other information about payment terms

If supplier payment terms not observed services will not be provided or will be withdrawn.

Dispute resolution process

Airline standard resolution terms. Ground arrangement disputes resolved bilaterally within standard travel industry practices

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