TRAVELEX UK LIMITED
Company number: 01985596
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
31 July 2019
Approved by:
Roderick Barry Suckling
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 63%
- in 31 to 60 days: 13%
- in 61 days or more: 24%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 50%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
Answer not provided
Standard payment terms
The Company’s standard supplier payment terms are included in the Group’s Standard Supplier Terms and Conditions (‘‘Standard Supplier T&Cs’’). The standard payment term of the Company is 45 days (the ‘‘Standard Payment Term’’). The Standard Payment Term is applicable to new supplier contracts. The rules governing the Company’s payment process are included in our Standard Supplier T&Cs. A supplier is required to invoice the Company on completion of the services rendered through such invoicing procedure as notified by the Company to the supplier from time to time. Each invoice should include supporting information required by Company to verify the accuracy of the invoice, including but not limited to, the relevant purchase order number. Under our Standard Supplier T&Cs and in consideration for the supply of the services by a supplier, the Company is required to pay the invoiced amounts within 45 days of the date of a correctly rendered invoice sent by a supplier.
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
45 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The Company is committed to comply with the payment terms agreed with a supplier. Any dispute related to supplier payment will be handled by the Company’s Legal department and/or Procurement team. The Company’s Standard Supplier T&Cs include the following provisions in relation to the process for resolving disputes related to payment: If the Company fails to make any contractual payment due to a supplier by the due date for payment, then, without limiting the supplier's available remedy as set out in our Standard Supplier T&Cs: - The Company is required to pay interest on any overdue amount at the rate of 3% per annum above The Bank of England's base rate from time to time. - Such interest will accrue on a daily basis from the due date until the date of actual payment of the overdue amount, whether before or after a potential judgment. - For payments disputed in good faith, interest on any overdue amount will only be payable after the dispute is resolved, on sums found or agreed to be due, from the due date until payment. In addition to our standard supplier payment terms, Travelex’s Global Supplier Governance Policy (the ‘‘Policy’’) governs the relationship between the Group and its suppliers. The Policy outlines the governance standards that must be adhered to by the Group, including the Company, when engaging in the activity of purchasing products and services from third parties. The Policy also aims to ensure that the Group meets the obligations of its partners and regulators.
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.
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