It is not unusual that a customer will pay a bill late, and this is probably one of the biggest differences between net payment terms and credit cards. So depending on when an order is shipped and the customer’s billing cycle, the customer may have anywhere between 15 and 45 days to pay for the merchandise. Normally credit cards offer two weeks to make a payment after the end of a month-long billing cycle. Net payment terms can also be broken up in installments, for example, 30-60-90 day terms allow the customer to pay a third in 30 days, another third in 60 days, and the final third in 90 days.Ĭredit cards are of course based on billing cycles. Net payment terms are typically 30 days, although it is not uncommon to see terms that are 45, 60, or 90 days. Plus, they are able to develop a good working relationship with their vendors that is mutually beneficial.īoth net payment terms and credit cards offer your customers time to pay for their merchandise, although not necessarily the same amount of time. They aren’t constrained as much by credit limits, making it much easier to place large orders. They don’t need to worry about what happens if they make a payment late. It gives them more time and better flexibility in paying for their orders. Let’s compare some of the various features of these two payment options from both the customer’s and the vendor’s perspective.įrom a customer’s perspective, being offered net payment terms is very beneficial. ![]() However, while both of these methods offer your customers time to pay, there are major differences between the two methods. There are two ways of doing this, net payment terms and credit cards. Therefore, it is in the best interest of any wholesaler to allow their customers time to pay for their orders. Forcing a customer to pay for a product up front is a great way to kill a potential sale and what could amount to a long term relationship. Complete privacy.Having time to pay for an order is important for any business in managing their cash flow. TimeNet also supports sharing data through a local network or shared folder, so you can work in an office without needing to store your data with any third parties. Your data is on your drive, is easy to backup and always accessible. As soon as you're connected again, everything syncs automatically. You can track your work without internet access. How do I backup my data, and most importantly, will I be able to access it outside of using their website? TimeNet isn't going anywhere, but even if it did, you own the data and the application forever. What if the company storing my data goes out of business or is otherwise not accessible? With TimeNet, your data is always on your hard drive. What if there is a service outage and I need access to my client data now? TimeNet lets you work away, even away from the internet. What if I want/need to work and I don't have internet access? ![]() Important Questions to Consider with Cloud Software Work from home, work from the office, work from anywhere. TimeNet integrates with Dropbox, OneDrive, and many other cloud sync services. No extra software to buy, 30 seconds to set up. Share your data through your office network, or get the benefits of anywhere-access with Dropbox.
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