The European Communities (Late Payment in Commercial Transactions) Regulations 2012 govern payment terms on all sales in Ireland.
Under these regulations payment must be made within 30 days and interest at 8% above the ECB rate will be charged on a daily basis for all late payments. As well as interest, set compensation is also payable at €40 per payment for amounts under €1,000 or €70 per payment for amounts to €10,000 and €100 for over €10,000. These rates and amounts are set in the regulations and not subject to negotiation.
Irish Oxygen Co Ltd is fully committed to complying with these regulations in our payments to suppliers and equally committed to enforcing its provisions with regard to payments from our customers.
Payments for all purchases must be received by us before the 30th of each month at the latest to avoid interest and compensation charges.
If an invoice is disputed, Irish Oxygen will only accept such a dispute if the reasons are given in writing (by post, fax or email) before the 30th of the month following supply of goods or services. In such cases, Irish Oxygen will respond immediately and the period of 30 days for payment will apply from the date of the written response from Irish Oxygen.
We regret we cannot extend the 30 day period and no employee of ours has the authority to offer any other payment terms whatsoever.
Details of these regulations (S.I. No 580 of 2012) are available on the Department of Enterprise, Trade and Employment’s website at www.entemp.ie/enterprise/smes/latepay.htm and the full text of the regulations is at www.irishstatutebook.ie/2012/en/si/0580.html.
Methods of Payment
Irish Oxygen accepts payment by direct debit, cheque, cash, credit or electronic funds transfer and credit or debit card.
Direct debit is the easiest form of payment and is guaranteed under the Irish bank’s standing committee regulations. Two weeks notice is given before the direct debit is made and in the event of any error Irish Oxygen will not make the debit or in the event an erroneous debit has been made, Irish Oxygen will refund the account within 3 days of notification.
Cheques may be sent by post to Irish Oxygen Co Ltd, Waterfall Road, Cork or delivered to our offices between 9 am and 5.30 pm Monday to Friday.
Payment by cash is accepted in our offices. Cash should not be sent by post.
Credit transfers may be made using the pre-printed payment slip at the bottom of the statement of account sent monthly.
Payments by credit or debit card may be made at our office or by phone at 021-4541821.
Electronic funds transfer may be made directly to our account. For further details contact our office.