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Payment term standardization
June 26, 2024
Q. We were meeting with our bank about our SUA program retention and they mentioned something we could do is payment term standardization. This would be where we dictate in our contracts with vendors how their terms based on what payment they decide on. The examples they gave us were: Checks: 60 daysACH: 30 daysSUA: Due Upon Receipt The pros would be obviously more vendors on ACH and SUA, but I'm wondering if anyone else has done this and how it worked out with the vendors. I can't imagine the…
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