According to AccountingTools, common payment terms include one or more of the following components: net, discount and end of month. Payment terms are rules a supplier or seller imposes on a buyer.Continue Reading
A bill or invoice typically provides payment terms to indicate when the payment is due and whether a discount applies. Terms using "net" mean that the full amount is due. For example, "net on receipt" means the payment is due as soon as the buyer receives the goods or services. "Net 30" means the full payment is due within 30 days of the invoice date.
Discount terms indicate whether the seller is offering a discount in certain conditions. "Cash discount 1%" means the seller discounts the invoice amount by one percent if the buyer pays in cash. "Early payment discount 10%" is similar; the seller discounts the invoice amount by 10 percent if the buyer pays before the due date. Discount and net terms are often combined, as in "2% 10 net 30." This term indicates that the seller is offering a two-percent discount for a payment made within 10 days; otherwise, the payment is due within 30 days.
The term "EOM" stands for "end of month" and means that the buyer must pay the bill within a specified number of days following the end of the month. For example, "net 10 EOM" indicates the payment is due within 10 days after the end of the month.Learn more about Personal Loans
Some components of a good sample home repair contract include terms of payment and termination, price dispute resolution, description of the work to be done and time frames. It may be prudent to hire a lawyer in order to help review and make changes where necessary, notes HouseLogic.com.Full Answer >
The advantages of getting a payday loan through National Payday include the fact that the company tends to approve all applicants who have a job that pays more than $1,000 per month, according to National Payday. This means that it is easy for most working people to get a short-term payday loan through National Payday. However, there are many disadvantage to this type of short-term loan, including the fact that the Washington State Department of Financial Institutions investigated the company for a potential scam operation in 2009.Full Answer >
An individual meets requirements of applying for a quick and easy loan if he is 18 or older, has held a job for at least one month, has an active checking account and is a U.S. citizen or permanent resident, according to CashNetUSA. These requirements qualify an individual to apply but do not mean that the individual receives automatic approval for a loan.Full Answer >
To obtain an EZMoney Payday Loan, the borrower should satisfy several requirements, such as being employed in a full-time job, earning at least $800 per month and having an active checking or savings bank account. Other requirements include the borrower being paid weekly, biweekly, twice a month or monthly and at least 18 years old. If the borrower satisfies all these requirements, he may then apply for an EZMoney Payday Loan.Full Answer >