The average time taken for Planet Payment UK Limited to pay invoices to suppliers has consistently decreased over the three periods from 2019 to 2020, indicating an improvement in their payment processes.
There is a slight volatility in the percentage of invoices paid within 30 days, with a decrease of 6% in the second period and an increase of 6% in the third period. However, the percentage of invoices paid between 31 and 60 days has remained relatively stable, while there has been a consistent decrease in the percentage of invoices paid later than 60 days.
From 2019 to 2020, the average time taken for Planet Payment UK Limited to pay invoices to suppliers has decreased by 30%, from 44 days to 30.8 days. This is mainly due to an increase in the percentage of invoices paid within 30 days, from 12% to 24%. The percentage of invoices paid within 30-60 days has also seen a slight improvement, from 60% to 55%. However, there is still room for improvement as the percentage of invoices paid later than 60 days remains high at 21%.
| 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 2019 - 30 Jun 2019 | 29 Jul 2019 | 44 | 12% | 65% | 23% | 88% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard contractual terms for goods and services are 30 days.
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
The first point of contact for disputes is Planet Payment Accounts Payable. When an invoice is disputed, the supplier will receive an email including the invoice number and reason for rejection. To resolve a dispute, the supplier is required to provide any missing information or a corrected invoice. All queries are managed in accordance with our internal processes and dealt with as quickly as possible.
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
Planet Payment UK Limited is registered in London and its associated brand, Planet, trades as Planet Tax Free. The group's website describes tax free shopping and VAT refund services available in over 30 countries across Europe, Asia and the UAE, alongside wider payment processing for businesses. Shoppers can track and manage VAT refund forms, find customs stamping locations, and receive refunds to a card through an online shopper portal. The company operates within this payments and tax free retail group, supporting international shoppers and merchants with refund processing and payment services rather than manufacturing or selling physical goods itself.
Generated from the company's website and Companies House records. Sources: planetpayment.com