EQUINITI FINANCIAL SERVICES LIMITED

The Equiniti Group has a simple approach to supplier payment terms: we have a group standard of 60 days, with the following exceptions:
• Client specific requirements
• Individual contractors billing through their own or an umbrella company, all of whom are on 30 day terms
• Small suppliers (defined as either low value of annual spend or local businesses (for example caterers, taxi firms), typically on payment terms of 30 or fewer days
• Short payment term suppliers (couriers, postage providers)

We look to work with our suppliers to ensure our policies and processes are understood and followed to facilitate efficient invoice handling and payment. For example, we request that all invoices are sent in electronically and quote a Purchase Order number as this allows is to track each item and identify and issues using our systems.

We run two large payment runs and two smaller runs each month. We typically pay around 80% of any overdue invoices by the time of our next run, meaning the maximum delay is usually less than a week.

Anything else paid out of terms tends to be caused either by a supplier dispute that needs concluding or from time-to-time suppliers needing to provide further documentation to support an invoice.

We review each query as it is raised and look to resolve as quickly as possible.