Glossary

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You can find definitions of key terms used in PayTrack 365 in this glossary.

Aggregation Methods

Aggregation methods refer to the ways payment data is grouped and analyzed, such as by period, company size, or custom criteria, to provide insights into payment practices.

Compliance Monitoring

Compliance monitoring involves tracking and ensuring adherence to regulatory requirements and internal policies related to payment practices.

Construction Retention

Construction retention refers to the portion of payment withheld from contractors until specific project milestones, such as practical completion or the end of the defects period, are achieved.

Dispute Categories

Dispute categories classify common issues in payment practices, such as price discrepancies, quantity disputes, quality concerns, and contract disagreements.

ESG Reporting

Environmental, Social, and Governance (ESG) reporting integrates payment practices into broader sustainability and ethical business metrics.

Late Payment Monitoring

Late payment monitoring is the process of identifying, tracking, and managing overdue payments to minimize financial and operational risks.

Payment Periods

Payment periods define specific time ranges (e.g., 0-30 days, 31-60 days) used for analyzing and reporting payment practices.

Payment Practice Reports

Reports generated to analyze payment behaviors, compliance with terms, and performance metrics, often required for regulatory or internal purposes.

Payment Standards

Industry or regulatory benchmarks for payment terms and practices, such as maximum payment days or early payment discounts.

Regulatory Compliance

Adherence to laws and regulations governing payment practices, such as the UK Payment Practices Reporting Regulations or EU Late Payment Directive.

Retention Release

The process of releasing withheld payments in construction projects upon meeting predefined conditions like project completion or defect resolution.

Supply Chain Finance

Financial arrangements like dynamic discounting or reverse factoring that optimize cash flow and payment timing within the supply chain.