AMERICAN EXPRESS PAYMENT SERVICES LIMITED
Company number: 06301718
Reporting period:
1 January 2020 to 30 June 2020
Report filed on:
23 July 2020
Approved by:
David W. Bailey
Payment statistics
Average time taken to pay invoices: 8 days
Invoices paid:
- within 30 days: 88%
- in 31 to 60 days: 10%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 2%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
American Express Payment Services Limited operates a standard contract length of 3 years with standard payment terms of 60 days after receipt of a correct, undisputed, timely provided and properly due VAT invoice. In many instances we raise purchase orders with suppliers and again the standard payment days is 60.
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
No further comment provided
Any other information about payment terms
For suppliers where we sign contracts (not purchase orders) American Express Payment Services Limited has a range of payment tool options that can allow suppliers to be paid faster than the standard 60 days.
Dispute resolution process
The process for resolving potential disputes is explicitly set out in all contracts that American Express Payment Services Limited enters into with its suppliers. If there are any disputes / issues around payments or invoices, the first action is for the supplier to get in touch with their contact relevant American Express contact. In the event an issue cannot be resolved, the American Express Procurement team will review the matter and work with the supplier to identify a solution. In addition, suppliers are able to contact the Vendor Payables team in order to check the status of their invoice(s) within the payments cycle.
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