Terms of Payment
Mindweb eSolutions provides different types of payment terms depending on the client’s preference. We adapt the following payment terms:
1. Terms of Sale
These are the payments terms that you and the client have agreed on. Terms such as cost, amount, delivery, payment method, and when the payment is expected or due. These are also the essential components of any invoice.
It’s the expectations between the buyer and seller so that there won’t be any potential misunderstandings nor disagreements because both parties clearly know what is expected and they are satisfied with the requirements.
2. Net 30 – 30 days after the invoice date
These imply that the net payment is due in 15 days after the invoice date. For example, if the invoice was dated June 10 and you used one of the most used payment terms, Net 30, then the payment would be expected before July 9.
3. Quotes & Estimates
This is simply the purposed price for the services. This ballpark figure is commonly used when a client is comparing prices. While this isn’t the final amount that you’re going to bill the client, it should still include invoicing essentials like the price of the service, an itemized breakdown of how you’ve determined the price, and a time schedule of when the final services will be delivered. Most invoicing platforms allow you to painlessly convert your quote or estimate into an invoice.
4. Recurring Invoice
Recurring invoices are for ongoing services, such as web hosting, and are typically for the same amount each month, like for a subscription.