Company number: SC173199
and approved by Richard Henderson
Average time taken to pay invoices: 22 days
Invoices paid:
Invoices due but not paid within agreed terms: 3%
7 days
45 days
Invoices will be paid under the contract within either 7days (If the supplier is a small supplier i.e. spend of <£250k p.a) or 45 days (if the Supplier is a Larger Supplier i.e. spend >£250k 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.
To support small suppliers at the start of the COVID pandemic, Tesco Bank temporarily reduced their payment terms to 5 working days and changed the definition of small supplier from suppliers where spend is <£100k per annum to suppliers where spend is <£250k per annum. This change has now been made permanent with terms of 7 days in order that funds clear within 5 working days
Suppliers impacted by the change were contacted and advised of this change.
45 days
N/A
N/A
Contracts with suppliers contain dispute resolution clauses bespoke to each of our supplier relationships which should be followed. Alternatively, where no contract exists, the Requisitioner named on the Purchase Order should be contacted, and the dispute will be progressed through the appropriate channel.
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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No