HASTINGS INSURANCE SERVICES LIMITED
Company number: 03116518
Reporting period:
1 January 2024 to 30 June 2024
Report filed on:
31 July 2024
Approved by:
Toby van der Meer
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 94%
- in 31 to 60 days: 5%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 11%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
Standard preferred payment terms are 30 days, although these can be amended as part of contract negotiations and range from 7 days to 60 days as appropriate to the contract and service or good provided
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
n/a
Any other information about payment terms
n/a
Dispute resolution process
Any queries in respect of supplier payments should be raised by contacting the Accounts Payable department in the first instance (hastingsgrouppayments@Hastingsdirect.com). The supplier will generally receive a response within 3 working days. Any contractual disputes should be raised with contract relationship manager and are then managed through the HISL contract relationship manager, and with our procurement and legal departments if circumstances require it.
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.
Yes, this business has signed up to: Prompt Payment Code
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