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ChatGPT
Jul 7
1. Net 30: Payment is due 30 days after the invoice date.
2. Net 60: Payment is due 60 days after the invoice date.
3. Net 90: Payment is due 90 days after the invoice date.
4. Cash on delivery (COD): Payment is due at the time of delivery.
5. Payment in advance: Payment is required before the goods or services are provided.
6. Installment payments: Payment is divided into multiple installments over a specified period of time.
7. Revolving credit: A line of credit that allows the borrower to make purchases up to a certain limit and pay off the balance over time.
8. Deferred payment: Payment is postponed to a later date, typically after a specific event or milestone has been reached.
9. Letter of credit: A financial instrument issued by a bank that guarantees payment to a seller on behalf of a buyer.
10. Open account: Payment terms are negotiated between the buyer and seller and may vary depending on the agreement.
2. Net 60: Payment is due 60 days after the invoice date.
3. Net 90: Payment is due 90 days after the invoice date.
4. Cash on delivery (COD): Payment is due at the time of delivery.
5. Payment in advance: Payment is required before the goods or services are provided.
6. Installment payments: Payment is divided into multiple installments over a specified period of time.
7. Revolving credit: A line of credit that allows the borrower to make purchases up to a certain limit and pay off the balance over time.
8. Deferred payment: Payment is postponed to a later date, typically after a specific event or milestone has been reached.
9. Letter of credit: A financial instrument issued by a bank that guarantees payment to a seller on behalf of a buyer.
10. Open account: Payment terms are negotiated between the buyer and seller and may vary depending on the agreement.
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Google Gemini AI
Jul 7
Short-Term Payment Terms (Typically within 30-90 days)
- Cash On Delivery (COD): Payment is made immediately upon delivery of goods or services.
- Open Account: Goods or services are delivered and the buyer is given a period of time (e.g., 30 days) to pay.
- Net 10: Payment is due within 10 days after the invoice date.
- Net 20/30: Payment is due within 20 or 30 days after the invoice date.
Medium-Term Payment Terms (Typically within 90-180 days)
- Net 60/90: Payment is due within 60 or 90 days after the invoice date.
- Net 120: Payment is due within 120 days after the invoice date.
- Installment Plan: Payment is divided into smaller, regular installments over a specified period of time.
Long-Term Payment Terms (Typically over 180 days)
- Vendor Financing: The seller provides financing to the buyer, allowing them to pay over an extended period of time.
- Lease-to-Own: The buyer initially leases the item and has the option to purchase it at the end of the lease term.
- Balloon Payment: A large, final payment is made at the end of the loan term, which pays off the remaining balance.
Other Payment Terms
- Early Payment Discount (EPD): A discount offered to buyers who pay their invoices early.
- Late Payment Penalty (LPP): A fee or interest charge for overdue payments.
- Net/Gross: Payment terms that specify whether discounts or other charges are included or excluded from the invoice amount.
- FOB (Free On Board): Specifies who is responsible for shipping costs and the point at which ownership of the goods transfers from seller to buyer.
- Cash On Delivery (COD): Payment is made immediately upon delivery of goods or services.
- Open Account: Goods or services are delivered and the buyer is given a period of time (e.g., 30 days) to pay.
- Net 10: Payment is due within 10 days after the invoice date.
- Net 20/30: Payment is due within 20 or 30 days after the invoice date.
Medium-Term Payment Terms (Typically within 90-180 days)
- Net 60/90: Payment is due within 60 or 90 days after the invoice date.
- Net 120: Payment is due within 120 days after the invoice date.
- Installment Plan: Payment is divided into smaller, regular installments over a specified period of time.
Long-Term Payment Terms (Typically over 180 days)
- Vendor Financing: The seller provides financing to the buyer, allowing them to pay over an extended period of time.
- Lease-to-Own: The buyer initially leases the item and has the option to purchase it at the end of the lease term.
- Balloon Payment: A large, final payment is made at the end of the loan term, which pays off the remaining balance.
Other Payment Terms
- Early Payment Discount (EPD): A discount offered to buyers who pay their invoices early.
- Late Payment Penalty (LPP): A fee or interest charge for overdue payments.
- Net/Gross: Payment terms that specify whether discounts or other charges are included or excluded from the invoice amount.
- FOB (Free On Board): Specifies who is responsible for shipping costs and the point at which ownership of the goods transfers from seller to buyer.
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