Supplier Payment Policy

Procedures for submitting and processing supplier invoices and making payments

This policy outlines the procedures for submitting and processing supplier invoices and making payments. Ballyhoo is committed to ethical sourcing and fair treatment of all suppliers.

1. Standard Payment Terms

  • Our standard payment terms are 30 days from the date of receipt of a correctly formatted invoice.
  • However, we aim to pay invoices as quickly as possible, and will strive for same-day approval if services or products have been delivered as agreed and director authorisation can be obtained.
  • We may agree to different payment terms with some suppliers. Shorter payment terms may be offered to micro suppliers, and longer terms may be mutually agreed upon with long-term major suppliers.
  • Agreed payment terms must be clearly stated on all supplier invoices.

2. Purchase Orders

  • Purchase orders (POs) must be raised for most purchases.

3. Invoices

  • Format: Invoices must be submitted electronically in PDF format.
  • Submission: Email invoices to [email protected].
  • Information Required:
    • Supplier name and contact information
    • Invoice number and date
    • PO number (if applicable)
    • Detailed description of goods or services provided
    • Unit costs and quantities
    • Total amount due
    • VAT number (if applicable)
    • Agreed payment terms
  • Matching to POs: All invoice details must match the information on the corresponding PO.

4. Invoice Processing

The finance team processes invoices as follows:

  • The invoice is received and checked for completeness and accuracy.
  • The invoice is recorded in the accounting system.
  • The invoice details are verified against the original PO (if applicable).
  • The invoice is submitted electronically for authorisation.
  • A company director must authorise all payments.
  • Once authorised, the invoice is posted in the system for payment.

5. Payment of Invoices

  • Payment Runs: The finance team conducts weekly payment runs.
  • Payment Methods:
    • Bank Transfers: Payments are typically made by bank transfer, which may take up to three working days to reach the supplier.
    • Expedited Payments: Urgent payments can be made via same-day bank transfer.
    • Online Payment Platforms: If available, we may utilise online payment platforms, such as Stripe or PayPal, provided by the supplier for efficient and secure online payments.
    • Direct Debit:
      • We may use Direct Debit to pay some suppliers.
      • To set up Direct Debit payments, we will complete and return a Direct Debit mandate form, authorising the supplier to collect payments from our bank account.
      • The frequency of Direct Debit collections is determined by the supplier’s systems, and they will notify us of the collection schedule.
      • Ballyhoo is not responsible for any delays in payment caused by system outages or other issues within the supplier’s Direct Debit system.

6. Late and Missed Payments

  • If a payment is missed, please contact the finance team at [email protected] with a copy of the invoice.
  • The finance team will expedite the processing of the invoice and seek authorisation for payment.
  • Once authorised, the invoice will be included in the next payment run.
  • If the payment is urgent, a same-day bank transfer will be arranged.

7. Payment Disputes

  • If an invoice is disputed, the authoriser will reject it in the system.
  • The finance team will contact the authoriser to understand the reason for the rejection.
  • The finance team will work with the authoriser and the supplier to resolve the dispute.
  • The following steps will be taken to resolve disputes:
    • The original PO will be reviewed to ensure accuracy.
    • The Ballyhoo representative who placed the order and an authorised representative of the supplier will attempt to resolve the dispute.
    • If the dispute cannot be resolved, the supplier should email the finance team with a copy of the invoice, a summary of the issue(s), and all related correspondence. The finance team will then escalate the matter within Ballyhoo to facilitate a resolution.

8. Confidentiality

Ballyhoo protects the confidentiality of all supplier information.

9. Sustainability

Ballyhoo encourages electronic invoicing to reduce paper usage and minimise environmental impact.

10. Contact Information

For any payment enquiries, please contact the finance team at [email protected] or 0121 295 5352.