Payment Due

[dedwardp]

What is the general consensus amongst everyone here about the credit time to put on invoices for the due payment; how long does everyone give?

I've always used 28 days but from what I've seen in one or two others I'm wondering if this is quite long?

[CPL-Network]

my old boss gave 14 days from date on invoice.. he was a bit of an arse though :D

[Williams lester]

What is the general consensus amongst everyone here about the credit time to put on invoices for the due payment; how long does everyone give?

I've always used 28 days but from what I've seen in one or two others I'm wondering if this is quite long?

The correct answer would be, as little time as you can get away with. The quicker you get the money the better! So, if you can get your clients to agree 7 or 14 days or even payment in advance then all the better for you.
You may find that you can offer different credit terms to different clients depending on how creditworthy you judge them to be.

[MyAccountantOnline]

What is the general consensus amongst everyone here about the credit time to put on invoices for the due payment; how long does everyone give?

I've always used 28 days but from what I've seen in one or two others I'm wondering if this is quite long?

It depends on the company involved - personally when I've done the work I dont see why I shouldnt be paid:)

The longer credit you give the longer people will take to pay - why offer credit?

Our services are paid by monthly standing order so its a little different but where we have one-off work to do we dont give credit, payment is on receipt of an invoice.

[elainec100@cheapaccounting]

For some work it may be appropriate to have a payment schedule e.g. x% on order, x% on delivery x% following testing / sign off (e.g. on the web design).

For printing is it often the case for payment with order.

Have a look at what your competitors are doing and change your T&Cs accordingly.

[dedwardp]

Thanks for the replies - all of them make sense to me!

Particularly the idea of Williams Lester to offer a varied credit term which I think is a good idea, I'll have a look. :)