Ranked in 4 industries
This company is listed under more than one industry, so we show its position in each rather than picking one.
The trend for BESTWAY PHARMACY NDC LIMITED shows that the average time to pay has increased from 51 days in the first period to 75 days in the latest period. This represents a significant increase of 47.1% over the three periods analyzed.
The volatility of BESTWAY PHARMACY NDC LIMITED's payment practices can be seen in the fluctuations of their average time to pay and the percentage of invoices paid within 30 days. The average time to pay has fluctuated between 51 and 75 days, while the percentage of invoices paid within 30 days has fluctuated between 3% and 7%. This indicates a lack of consistency in their payment practices.
From the data, it is evident that BESTWAY PHARMACY NDC LIMITED has experienced a significant increase in their average time to pay and a decrease in their percentage of invoices paid within 30 days over the past three periods. This trend of delayed payments is also reflected in the increase of invoices paid later than 60 days. However, there has been a slight improvement in the latest period, with a decrease in the percentage of invoices not paid within agreed terms. The company should aim to improve their payment practices and make timely payments to suppliers in order to maintain good relationships and avoid any financial penalties for late payments.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2022 - 30 Jun 2022 | 21 Jul 2022 | 75 | 3% | 59% | 38% | 100% |
| 01 Jul 2021 - 31 Dec 2021 | 31 Jan 2022 | 69 | 6% | 64% | 30% | 59% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 66 | 4% | 68% | 28% | 86% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 63 | 7% | 66% | 27% | 74% |
| 01 Jan 2020 - 30 Jun 2020 | 21 Jul 2020 | 74 | 4% | 59% | 37% | 97% |
| 01 Jul 2019 - 31 Dec 2019 | 31 Jan 2020 | 53 | 6% | 68% | 26% | 93% |
| 01 Jan 2019 - 30 Jun 2019 | 01 Aug 2019 | 51 | 7% | 74% | 19% | 78% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
We attempt to place all new suppliers on 60 days from end of month. However, there are non-standard supplier payment terms which are shorter and longer than the standard terms.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
90
Supplier makes contact with buyer of goods/services in case of dispute. All queries are answered in a timely manner. Invoice is typically placed on hold until dispute has been resolved
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
BESTWAY PHARMACY NDC LIMITED is an active private limited company, incorporated on 17 April 1972, based in the North West region. Registered business activity: Wholesale of pharmaceutical goods.
From Companies House records.