WORLDREMIT LTD.
Company number: 07110878
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
28 January 2021
Approved by:
Breon Corcoran
Payment statistics
Average time taken to pay invoices: 54 days
Invoices paid:
- within 30 days: 40%
- in 31 to 60 days: 40%
- in 61 days or more: 20%
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: 33%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
Charges are paid within thirty (30) days of the valid invoice date. At the same time, almost half of the suppliers have shorter payment terms (e.g., 6- or 14- days post invoice date).
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
NA
Any other information about payment terms
NA
Dispute resolution process
In case any dispute, suppliers are informed directly by the receiving part or Accounts Payable Team and asked for further clarifications. The dispute may end in obtaining a credit note from the vendor or paying the initial value of obligation in full by WorldRemit.
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.
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