Industry ranking
Score of 89.8/100 qualifies for PaymentCheck Certification
The average time to pay for REASSURE LIFE LIMITED has been decreasing over the past three periods, from 45 days in the first period to 19 days in the fifth period. This indicates an improvement in their payment process.
The volatility in the percentage of invoices paid within 30 days has been decreasing over the past three periods, from 48% in the first period to 88% in the fifth period. This suggests a more consistent trend in paying invoices within 30 days.
In the past three periods, REASSURE LIFE LIMITED has shown a significant improvement in their payment process. The average time to pay has decreased from 45 days to 22 days, and the percentage of invoices paid within 30 days has increased from 48% to 88%. Additionally, the percentage of invoices not paid within agreed terms has decreased from 52% to 13%. The shortest (or only) standard payment period has remained consistent at 30 days.
| 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 Jul 2023 - 31 Dec 2023 | 05 Feb 2024 | |||||
| 01 Jan 2023 - 30 Jun 2023 | 27 Jul 2023 | 22 | 88% | 13% | 0% | 13% |
| 01 Jul 2022 - 31 Dec 2022 | 27 Jan 2023 | 19 | 88% | 12% | 0% | 12% |
| 01 Jan 2022 - 30 Jun 2022 | 26 Jul 2022 | 22 | 80% | 20% | 0% | 20% |
| 01 Jul 2021 - 31 Dec 2021 | 27 Jan 2022 | 29 | 75% | 18% | 7% | 25% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 45 | 48% | 33% | 19% | 52% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The business' standard payment terms are for all undisputed invoices to be paid within 30 days of invoice date. The maximum contractual payment period is 30 days from the invoice date and there have been no changes to the business' standard payment terms in the reporting period. We will agree to shorter terms if the contractual negotiations require it.
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
30
ReAssure relationship managers oversee individual supplier contracts and are the first contact point for dispute resolution as they hold the relevant knowledge of individual contracts and services. The dispute resolution process is supplemented from a supplier facing perspective with the relevant contractual provisions for invoice query, escalation and dispute processes. The Finance payables team also support the business with any supplier interaction, credit notes and other activities that may be delaying payment of an invoice.
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
REASSURE LIFE LIMITED is an active private limited company, incorporated on 19 April 1978, based in the West Midlands region. Registered business activity: Life insurance.
From Companies House records.