Score of 94/100 qualifies for PaymentCheck Certification
The average time taken for NECTAR 360 SERVICES LLP to pay invoices has remained relatively consistent over the past three periods, with a slight increase from 18 days in 2019 to 19 days in 2020. However, there has been a significant improvement in the percentage of invoices paid within 30 days, increasing from 79% in 2018 to 91% in 2019. This trend suggests that NECTAR 360 SERVICES LLP has been making efforts to pay suppliers more promptly.
The volatility in NECTAR 360 SERVICES LLP's payment habits can be seen in the percentage of invoices paid within 30 days, which has fluctuated between 79% and 91% over the past three periods. However, there has been a consistent improvement in the percentage of invoices paid later than 60 days, with a decrease from 21% in 2018 to 0% in 2019 and 2020. This indicates that NECTAR 360 SERVICES LLP has been making strides in meeting payment deadlines.
| 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 |
|---|---|---|---|---|---|---|
| 06 Mar 2022 - 17 Sept 2022 | 14 Oct 2022 | |||||
| 10 Sept 2019 - 07 Mar 2020 | 06 Apr 2020 | 19 | 89% | 11% | 0% | 0% |
| 10 Mar 2019 - 09 Sept 2019 | 09 Oct 2019 | 18 | 87% | 13% | 0% | 19% |
| 01 Aug 2018 - 13 Mar 2019 | 09 Apr 2019 | 11 | 91% | 9% | 0% | 67% |
| 01 Feb 2018 - 31 Jul 2018 | 28 Aug 2018 | 19 | 79% | 21% | 0% | 47% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
75 days from invoice date
Were there any changes to the standard payment terms in the reporting period?
New suppliers have been on-boarded with the standard terms of 75 days. Existing suppliers remain at their original terms
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
75
Disputes are resolved by negotiation involving the relevant parties
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.
❌
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.
❌
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.
❌
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
This LLP, registered as Insight 2 Communication LLP, now operates as Nectar 360 Services LLP, part of the Nectar360 loyalty, insights and media services agency. Nectar360 owns and operates Nectar, described as the UK's largest loyalty programme, and manages Sainsbury's and Argos retail media services. The wider group uses transactional and lifestyle data to help brands understand and reach customers, offering data and insights, digital advertising, ecommerce media platforms and campaign management. The entity is named alongside Nectar360 Limited as one of the operating companies behind the Nectar consumer loyalty programme, connecting brand partners such as FMCG and general merchandise companies with their customers through retail media services.
Generated from the company's website and Companies House records. Sources: nectar360.co.uk · nectar360.co.uk