The average time to pay for Virgin Money PLC has remained consistent at 20 days from 2018 to 2019. However, data for 2020 is missing and cannot be determined at this time.
The percentage of invoices paid within 30 days has consistently been between 94% and 96% from 2018 to 2019, with a slight decrease in 2019. The percentage of invoices paid between 31 and 60 days has also been consistent, ranging from 2% to 4%. The percentage of invoices paid later than 60 days has remained low at 1% to 2%. The percentage of invoices not paid within agreed terms has also remained consistent at 8% for 2019. Data for 2020 is missing and cannot be determined at this time.
VIRGIN MONEY PLC has maintained an average time to pay of 20 days from 2018 to 2019. The percentage of invoices paid within 30 days has ranged from 94% to 96%, while the percentage of invoices paid between 31 and 60 days has remained between 2% to 4%. The company has also consistently kept the percentage of invoices paid later than 60 days at 1% to 2%. However, the percentage of invoices not paid within agreed terms has remained at 8%, indicating room for improvement in this area.
| 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 2020 - 30 Sept 2020 | 30 Oct 2020 | |||||
| 01 Jan 2020 - 30 Jun 2020 | 14 Jul 2020 | |||||
| 01 Jul 2019 - 31 Dec 2019 | 17 Jan 2020 | 20 | 95% | 4% | 1% | 8% |
| 01 Jan 2019 - 30 Jun 2019 | 25 Jul 2019 | 20 | 96% | 2% | 1% | 8% |
| 01 Jul 2018 - 31 Dec 2018 | 23 Jan 2019 | 20 | 95% | 3% | 2% | 10% |
| 01 Jan 2018 - 30 Jun 2018 | 19 Jul 2018 | 20 | 94% | 4% | 2% | 12% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment terms 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
N/A
Maximum contractual payment period agreed
30
Where a contract includes an agreed dispute resolution process, that will take precedence. All other invoice payment queries should be directed to Accounts Payable at Accounts.Payable@virginmoney.com. If a satisfactory resolution cannot be found, the dispute will be raised with the appropriate Supplier Relationship Manager or business contact. Any dispute which cannot be resolved at this stage will be escalated to the Head of Procurement.
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
Virgin Money PLC is a financial services company based in the United Kingdom. The company was founded in 1995 by Sir Richard Branson and is headquartered in Edinburgh, Scotland. It offers a wide range of financial products and services, including savings accounts, mortgages, credit cards, insurance, and loans.
Sustainability is a key focus for Virgin Money PLC, with the company committing to reducing its environmental impact and promoting social responsibility. In 2020, they launched their Sustainability Strategy, which sets out their goals and targets for reducing their carbon footprint, promoting diversity and inclusion, and supporting local communities.
Some of the sustainable products and services offered by Virgin Money PLC include green savings accounts, which allow customers to support renewable energy projects, and a carbon offsetting option for their credit cards. The company also offers ethical investment options and has a partnership with the Eden Project to promote sustainable living.
The company is led by CEO David Duffy, who has over 30 years of experience in the financial industry. Their registered office address is located at Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL, United Kingdom.
Customers can access their products and services through their website, which also provides information on their sustainability program and initiatives. They also have a customer service team available for any inquiries or assistance. Overall, Virgin Money PLC is committed to providing financial services that not only meet the needs of their customers but also contribute to a more sustainable future.