Glossary
What is payment terms?
Payment terms are the agreed rules for when and how an invoice must be paid.
They usually set the number of days to pay, how to pay, and anything that happens if payment is late, such as interest.
Example
"Payment due within 14 days by bank transfer" is a simple set of payment terms.
In Australia
Put your terms in your quote or contract before the work starts, not just on the invoice.
General information only, not legal or financial advice.