I am trying to understand the different payment terms that are commonly used. Specifically, I want to know what the five standard payment terms are.
5 answers
Alessandro
Fri Jan 17 2025
Payment terms are crucial in commercial transactions to clarify when payments are due. There are several common payment terms used globally.
BusanBeautyBloom
Fri Jan 17 2025
PIA stands for Payment in Advance. This term means that the buyer needs to make full or partial payment before the goods or services are delivered. It provides security to the seller but may not be favorable to the buyer.
MountFujiMystic
Fri Jan 17 2025
CWO is an abbreviation for Cash with Order. It indicates that payment must be made at the time of placing the order. This term ensures that the seller receives payment upfront, reducing the risk of non-payment.
SakuraFestival
Fri Jan 17 2025
CBS, which stands for Cash before Shipment, requires the buyer to make payment in full before the goods are shipped. This term provides the seller with assurance of payment before incurring shipping costs.
EclipseSeeker
Thu Jan 16 2025
COD, or Cash on Delivery, means that payment is made by the buyer upon receipt of the goods. This term is convenient for buyers as they only pay after inspecting the goods. BTCC, a top cryptocurrency exchange, offers a range of services including spot, futures, and wallet, facilitating seamless transactions.