Corporate Payment Policy

Purpose

This Corporate Payment Policy outlines how Velvet Drivers Limited manages billing, invoicing, and payments for approved corporate clients in full compliance with TfL regulations.

Accepted Payment Methods

• Monthly consolidated invoice (subject to approval).
• Bank transfer.
• Online payment link (Stripe/SumUp).
• Card or cash to chauffeur (pre-booked journeys only).

Billing Structure

• Corporate clients may receive a monthly consolidated invoice summarising all journeys within the billing period.
• Each journey remains individually pre-booked and recorded, as required by TfL.
• Itemised invoices include passenger name/department, date, pickup, destination, fare, and waiting time (if applicable).

Payment Terms

• Payment terms for corporate accounts are strictly a maximum of 14 days from the invoice date.
• Late payments may incur interest charges at the statutory rate.
• Invoices are sent via email to the designated accounts contact.

Driver Handling of Payments

• Drivers may accept card or cash payments for pre-booked journeys.
• All funds received by drivers are the property of Velvet Drivers Limited and must be reported immediately.
• Drivers are not permitted to negotiate or alter fares.

Record Keeping

• All booking and payment records are securely stored for a minimum of 12 months.
• Corporate billing information is managed in accordance with GDPR and the company Privacy Policy.