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Let’s learn about Payment terms. It provide clear details about the expected payment on a sale. Often, these terms are included on an invoice and specify how much time the buyer has to make payment on the purchase.
These terms allow for additional information such as the type of payment expected, whether any discount will be provided, how the buyer can make the payment, as well as any special terms discussed during the sales process. Beyond when it is expected from the customer, it can include other elements of a sale such as discounts for early payment. There are many reasons to offer a discount, but some businesses choose to use a discount on payment before the due date as an incentive for the customer to make the payment quickly. It cover a broad range of various transaction details when it comes to a sale. They can refer to when the payment should be made, but also how and under what conditions.
The main motivation for a seller to offer terms that include a discount for early payment is generally in the case the the business needs it sooner, and prefers to not wait potentially up to 30 days for the cash.
There are several methods of payment which can be made in International Trade.
