Payment Terms
Make sure that new customers are aware of and agree to your payment terms:
- Get an authorised person to sign a Credit Account Form detailing your terms
- Include your payment terms in any quotations or discussions with sales staff over pricing
- Repeat these terms on your Order Acknowledgements
- Include the terms and payment due date on invoices and statements, and ensure these documents are easily understood - is it clear to whom and where payment should be sent?
- Do not agree to a customer's terms where these ask for longer credit periods - check the small print on their Purchase Order and respond with an Order Acknowledgement
- Monitor payments from new customers closely for the first few months and act on any delays
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