Payment Terms

Learn how to create and assign personalized payment terms for your buyers, enhance customer relationships, and optimize your cash flow management.

Payment Terms by Customer allows sellers to create customized payment terms, enabling different payment methods, configuring varied net terms, and setting transaction fees for each buyer account. This is a critical feature for B2B commerce, where each buyer relationship is unique and personalized payment terms are often required.

Key Benefits:

• Customized Payment Options: Tailor payment methods, net terms, and transaction fees to fit the needs of each buyer.
• Enhanced Customer Relationships: Build stronger relationships by offering personalized payment terms based on the specific agreements with each buyer.
• Improved Cash Flow Management: Set appropriate net terms to align with your cash flow requirements and buyer preferences.
• Streamlined Checkout Experience: Buyers can now see and select their personalized payment terms directly at checkout, ensuring a smoother transaction process.

Example: Offer a large, long-standing client 60-day payment terms, while newer customers might have 15-day terms or require upfront payment.

A. Create a New Payment Term

Log into your Foundation Seller Portal. On the left-hand navigation menu, go to the 'Pricing' tab.

Select 'Payment Terms' to access the payment terms page.

Create Payment Term

If no payment terms have been created, you can start by clicking on the option to create a new payment term.

Add Name and Description:

Give your payment term a name that reflects its purpose, such as "New Customer" or "Loyal Customer". Add optional description for the new payment term.

Configure Instant Payment

You can select payment methods like Card or ACH under the "Instant Payment" section.

Define a transaction fee that will be applied to cover the payment processor's fees. This fee can be passed on to the buyer.

Note: Transaction fees can be set to a negative value if you want to offer a discount for using certain payment methods, such as incentivizing ACH payments.

Configure Net Terms

Define the number of days buyers have to pay after placing an order, such as Net 15, Net 30, or Net 60.

Choose the payment methods (Card or ACH) that are available under these net terms and define any associated transaction fees.

B. Assign Payment Terms to Buyers

Navigate to the 'Customers' section on the left-hand navigation menu. Go to 'All Customers' and select the buyer for whom you want to configure the payment term.

In the buyer's account, find the 'Payment Terms' option.

Select the payment term you created from the drop-down menu to apply it to this specific buyer.

C. Buyer Checkout Experience

Once the payment term is applied, the buyer will only see the payment methods and net terms configured for them when checking out on the storefront.