Supplier Payments

Supplier Payments

Vercity is committed to paying all of its supply chain partners on time and to mutually agreed terms. It remains focussed in its efforts to do so; continually developing its processes and procedures to improve its payment performance and enhance accuracy and transparency.

We encourage all our suppliers to adopt the Code which undertakes to ensure suppliers are; paid on time, given clear payment guidance, and good practice regarding paying suppliers is encouraged throughout the supply chain.

We engage in proactive communications with suppliers to ensure all information is included that is required to pay an invoice. This information is made available here and to all new suppliers. We also ensure any invoice queries are raised with the supplier promptly so payment is made within the agreed time.

Vercity monitors payment statistics, and as part of our commitment to continuously improve our payment performance our finance teams work with the business to understand where issues occur and develop ways to remedy these if they occur.

We implement regular reporting to senior management on payment performance so unresolved issues are escalated and appropriate action is taken to resolve and help ensure payment is made within the agreed time.

As a signatory of the Prompt Payment Code, Vercity will voluntarily submit its supply chain payment data semi-annually in July and January. These payment practice reports will be published on the government’s website.