What are “terms of payment” or “payment terms”?

Payment terms indicate 2 fundamental pieces of information:
• The date the supplier should receive payment for an invoice. In general payment terms are defined as the number of days between the invoice date and the payment date, for example:
o On receipt (where the invoice date is the same as the payment date)
o 7 days (the payment date is 7 days after the invoice date)
o 14 days
o 30 days
o 60 days
o 90 days
• The payment channel the customer should use to pay the supplier, for example:
o Credit or Debit card
o Bank transfer (sometimes called wire, SWIFT, or electronic funds transfer (EFT)
o Buy now pay later (BNPL) account
These terms are included in the invoice generated by suppliers of products and services and sent to customers.

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