WESCOT CREDIT SERVICES LIMITED
Company number: SC084131
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
15 July 2019
Approved by:
Jonathan Graham
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 91%
- in 31 to 60 days: 8%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 15%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
The company does not apply standard payment terms, but ordinarily seeks to agree payment terms of 30 days from date of receipt of invoice whether appropriate. In the reporting period 86.28% of suppliers issuing invoices to the company and 88.94% of invoices processed were subject to 30 day payment terms or direct debit arrangements.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
120 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
Invoices are registered on the purchase ledger when received into the business and issued to the relevant cost centre for review and approval. If any issues / queries are identified from this review, then the cost centre owner will update the finance function and the dispute will be notified to the sales ledger / credit control function in the supplier organisation. The cost centre will communicate directly with their contact at the supplier to target resolution of the dispute / query within the standard invoice payment terms agreed with that organisation. If this is not possible then the matter will be escalated by the accounts team to the supplier sales ledger / credit control function and (if necessary) the dispute resolution process outlined in the relevant supply contract will be invoked.
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, 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