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Manage Payment Terms in the Back-Office
Use payment terms configured per customer to help them use the payment conditions guaranteed by their contract with your company.
Payment term is a set of conditions required for the sale to be completed, e.g. the period that is allowed to a buyer to pay off the amount due. Payment terms may also include cash in advance requirement, cash collection on delivery, a deferred payment period of 10/20/30 days, etc.
To use payment terms in the storefront:
- Enable Payment Terms Integration in the system configuration.
- Create a Payment Term with the conditions you would like to offer your buyers.
- Link a Payment Term to a Customer Based on Their Sales Agreement (optional).
- Create a payment rule and add your integration to it to display this method to the customers at checkout.
Create a Payment Term
To create a new payment term:
Navigate to Sales > Payment Terms in the main menu.
Click Create Payment Term.
Type in the label that is informative for both the sales person and the customer buyer, as it will be exposed as one of the payment options for both parties.