How long does Travelex Banknotes Limited take to pay its suppliers?

Standard payment terms

The Company’s standard supplier payment terms are included in the Group’s Standard Supplier Terms and Conditions (‘‘Standard Supplier T&Cs’’). The standard payment term of the Company is 45 days (the ‘‘Standard Payment Term’’). The Standard Payment Term is applicable to new supplier contracts. The rules governing the Company’s payment process are included in our Standard Supplier T&Cs. A supplier is required to invoice the Company on completion of the services rendered through such invoicing procedure as notified by the Company to the supplier from time to time. Each invoice should include supporting information required by Company to verify the accuracy of the invoice, including but not limited to, the relevant purchase order number. Under our Standard Supplier T&Cs and in consideratio

Dispute resolution

The Company is committed to comply with the payment terms agreed with a supplier. Any dispute related to supplier payment will be handled by the Company’s Legal department and/or Procurement team. The Company’s Standard Supplier T&Cs include the following provisions in relation to the process for resolving disputes related to payment: If the Company fails to make any contractual payment due to a supplier by the due date for payment, then, without limiting the supplier's available remedy as set out in our Standard Supplier T&Cs: - The Company is required to pay interest on any overdue amount at the rate of 3% per annum above The Bank of England's base rate from time to time. - Such interest will accrue on a daily basis from the due date until the date of actual payment of the overdue a