Our Payment Terms
PIA – Payment in advance
Net 7 – Payment seven days after invoice date
Net 10 – Payment ten days after invoice date
Net 30 – Payment 30 days after invoice date
Net 60 – Payment 60 days after invoice date
Net 90 – Payment 90 days after invoice date
EOM – End of month
21 MFI – 21st of the month following invoice date
1% 10 Net 30 – 1% discount if payment received within ten days otherwise payment 30 days after invoice date
COD – Cash on delivery
Cash account – Account conducted on a cash basis, no credit
Bill of exchange – A promise to pay at a later date, usually supported by a bank
Letter of credit – A documentary credit confirmed by a bank, often used for export
CND – Cash next delivery
CBS – Cash before shipment
CIA – Cash in advance
CWO – Cash with order
1MD – Monthly credit payment of a full month’s supply
2MD – Monthly credit payment of a full month’s supply plus an extra calendar month
Contra – Payment from the customer offset against the value of supplies purchased from the customer
Stage payment – Payment of agreed amounts at stage