VERIZON UK LIMITED

Company number: 02776038

Reporting period:
1 July 2023 to 31 December 2023

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

This report was filed on 29 January 2024

and approved by Francesco De Maio & Clare Aitkenhead

Payment statistics

Average time taken to pay invoices: 86 days

Invoices paid:

within 30 days: 57%
in 31 to 60 days: 24%
in 61 days or more: 19%

Invoices due but not paid within agreed terms: 26%

Payment terms

Shortest standard payment periods

1 days

Longest standard payment period

90 days

Standard payment terms

Standard payment terms are 60 days post invoice date in our EMEA markets.

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

90 days

N/A

Any other information about payment terms

Average time to pay in days - The average time taken to pay invoices increased from 47 days in the previous reporting period, 1 January 2023 to 30 June 2023, to 86 days for the current reporting period, 1 July 2023 - 31 December 2023. One key driver for this was as a result of an account reconciliation process impacting invoices received from a utilities supplier which had to be completed before payment could be made. The vendor was fully aware of this process. Removing those invoices from this payment statistic, reduced the average time taken to pay invoices to 49 days.

Dispute resolution process

Verizon Accounts Payable has a dedicated helpdesk that offers suppliers support. The team can be contacted by email Monday to Friday. Contact by e-mail is acknowledged within a maximum of 2 working days with all supplier queries being assigned a unique case number. Verizon offers a supplier payment portal to allow suppliers to view payment status. If a complaint cannot be resolved by Verizon Accounts Payable then the matter will be referred to the relevant manager in the department that engaged with the supplier who will attempt to resolve the issue in accordance with the applicable terms and conditions.

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?