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Getting paid on time against your sales invoices is a crucial factor for the success of any business organisation. So, setting the right invoice payment terms is essential for the healthy growth of a business.
Invoice payment terms are agreed terms of payment between a customer and a business entity. Small businesses mention payment terms on the bill itself. Payment terms outline when the payment is due, invoice amount due, the period within which the customer shall make the payment, etc. Transparent payment terms ensure that you get paid on time. It also helps to chase late payments.
Here are a few popular business terms used by businesses while generating invoices:
Setting up invoice payment terms is crucial in protecting your business financially. Here are a few of the challenges which arise with invoice payment terms and how to avoid them:
Below are some of the ways to improve invoice payment terms: