Invoice Payment Terms / Payment Details
Invoice payment terms generally refer to the following:
Payment days
The payment days are the days that are agreed by both seller and buyer to make payment. The payment days may be different depending on the business understanding between the parties.
Payment method
This refers to the payment method which might include payment by bank wire transfer, credit or debit card, check, EFT (otherwise known as Electronic Funds Transfer), cash or some alternative payment methods such as cryptocurrency, PayPal and others.
Bank Payment
So that the buyer can send a bank payment to the seller, the seller will need to share the following details with them:Bank Name
This is the name of the bank that the seller has an account with.
BIC/SWIFT code
BIC code stands for Bank Identifier Code and SWIFT code stands for Society for Worldwide Interbank Financial Telecommunications. Both of these codes can be used interchangeably to identify the financial institutions and banks worldwide. These codes also carry significant importance in the case of international transactions.
Bank account #
The bank account number is unique for every account holder in the bank and is used to identify accounts in order to execute transactions.
Alternative Payment Methods
Payment can also be made in cash and through payment gateways which accept credit and debit cards (which include Visa, Mastercard, Maestro and other) or PayPal.
Invoicing tools: