Ordway allows a user to configure custom Payment Terms. These terms typically define the schedule for collecting payments from Customers. However, Payment Terms can also be applied to a specific Subscription, when a Customer requires multiple Payment Terms across multiple subscriptions.

Three default Payment Terms are available:

• Due on Receipt
• Net 15
• Net 30

Additional Payment Terms that may apply can also be added. Read more about Early Pay Discounts which require a new Payment Term. 

Add Payment Term

Steps:

1. Navigate to Menu > Setup > Billing > Payment Terms.

2. Click Add.

• Define the Payment Term Name. 
• Define the Due Date by entering the number of Days and selecting one parameters from the drop-down menu:
• • Days from Invoice Date
  • Specific Day of the month following Invoice Date
• Define Status as Active or Inactive.
• Early Pay Discount - Toggle ON to offer a discount when the Invoice is paid before the due date. Read more. 
  
  
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3. Save when finished.

Once a Payment Term is created, it is available to apply to Customers. Payment Terms can be applied to Customers via import or done manually. 

Examples

Using the from parameter, the Payment Term defines the Invoice due date as 20 days following the Invoice Date.

Using the of the month following parameter, the Payment Term defines an Invoice Due Date as the first day of the month following the Invoice Date.