A lot of my customers pay their invoices when THEY want to....the due date doesn't mean a lot to some of them and they seem to think they are automatically entitled to a 30-day account.
To combat this, I want to start offering a 2% discount if the invoice is paid in full on or before the due date. So I want to display my payment terms, e.g., 2/10 net 30.....that is 2% discount if paid within 10 days, or full payment within 30 days. After 30 days, start charging late fees if the invoice remains outstanding.
These details need to be displayed on the invoices so the customers can see the payment terms they are required to meet. There is no point having these details set up in the contacts information because that is only seen by us.
Furthermore, there needs to be an indication that the discount was valid at the time of payment, i.e., was the payment made within the timeframe specified by the discount. Otherwise, customers could pay invoices (including the discount) outside of that period which would be very difficult to monitor. This would only apply to Direct Debit payments as online payment details are displayed on invoices.
Len Grainger
supported this idea
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A lot of my customers pay their invoices when THEY want to....the due date doesn't mean a lot to some of them and they seem to think they are automatically entitled to a 30-day account.
To combat this, I want to start offering a 2% discount if the invoice is paid in full on or before the due date. So I want to display my payment terms, e.g., 2/10 net 30.....that is 2% discount if paid within 10 days, or full payment within 30 days. After 30 days, start charging late fees if the invoice remains outstanding.
These details need to be displayed on the invoices so the customers can see the payment terms they are required to meet. There is no point having these details set up in the contacts information because that is only seen by us.
Furthermore, there needs to be an indication that the discount was valid at the time of payment, i.e., was the payment made within the timeframe specified by the discount. Otherwise, customers could pay invoices (including the discount) outside of that period which would be very difficult to monitor. This would only apply to Direct Debit payments as online payment details are displayed on invoices.