TESCO PERSONAL FINANCE PLC

Company number: SC173199

Reporting period:
1 September 2020 to 28 February 2021

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

This report was filed on 30 March 2021

and approved by Declan Hourican

Payment statistics

Average time taken to pay invoices: 23 days

Invoices paid:

within 30 days: 77%
in 31 to 60 days: 22%
in 61 days or more: 1%

Invoices due but not paid within agreed terms: 3%

Payment terms

Shortest standard payment periods

14 days

Longest standard payment period

45 days

Standard payment terms

Invoices will be paid under the contract within either 14 days if the Supplier is a Small Supplier i.e. spend of <£100k p.a; or 45 days if the Supplier is a Larger Supplier i.e. spend >£100k p.a of receipts in the Accounts Payable Mailbox (TPFPurchase.Ledger@tescobank.com), or by hard copy via post, from the date received in Accounts Payable department of an invoice which quotes the Purchase Order Number.

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

45 days

Any other information about payment terms

Dispute resolution process

Contracts with suppliers contain dispute resolution clauses bespoke to each of our supplier relationships, which should be followed. Alternatively, where, no contract exists, the Requisitioners named on the Purchase Order should be contacted, and the dispute will be progressed through the appropriate channel.

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.

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.

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?