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Security deposit

Security deposit payments

SSE Business Energy may ask you to pay a security deposit. This page explains why this is necessary and should answer any questions you have. If your query isn’t covered, please contact us using the following methods:

Telephone: 0345 725 2526

What if we decide to leave SSE?

If all invoices have been paid at the point where the supplies have left SSE Business Energy, the deposit, and any interest accrued, will be refunded. If there are any outstanding invoices, the deposit will be used to clear these first.

What if SSE Business Energy were to become insolvent, go into administration or liquidation?

SSE operates under a supply licence, please refer to the Energy Act 2004, Schedule 21 - Energy Transfer Schemes for more information.

A copy of this can be found at the Office of Public Sector Information website.

What is a security deposit and why has it been requested?

SSE Business Energy credit check all new and renewing business customers.

Depending on the outcome, it may be prudent to ask for a security deposit payment.

We purchase your energy in advance of usage, therefore it is important to understand the credit worthiness of our customers.

Will this money be held in an Escrow account?

No, the monies received as security are held in a separate SSE Business Energy holding account, referenced against individual sites.

Will we earn interest on monies paid?

Yes, interest will be paid at the current base rate (gross, subject to tax) which will be added to your account at the end of the financial year (April) and or the end of the contract period.

We will also review the rate every three months and guarantee that the minimum interest we pay you will match the Bank of England base rate.

A statement will be issued at the end of each financial year, advising of any interest accrued. We only apply interest on an annual basis.

Why is this not on a VAT invoice?

Security deposits are outside the scope of VAT and therefore VAT is not charged.

The deposit is held on account and not used for a service or sale therefore VAT is not charged. Should the deposit be used against an outstanding debt at later date, then the VAT would be calculated on the bill in which the money was owed.

Who has access to this account?

Only SSE Business Energy has access. We would only call on these monies in the event of a non payment of final invoices or business failure.

If all invoices have been paid at this point and you are no longer an SSE customer when the deposit along with any interest accrued will be refunded. The deposit will be used to clear any official invoices first.

How long will you hold the security payment?

This will be held for a minimum 12 months or until your credit rating has improved; at SSE Business Energy's sole discretion.