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Payment types and terms
February 2, 2024
Q. What payment method(s) does your company have? And what is the % of each? If you issue checks for payment (except for tax), do you have a limit? For example, invoice payments of $50k+ have to be paid via ACH. Does your company have standard payment terms? Who dictates the terms for PO and Non-PO invoices?
How do you enforce payment terms?
Do you have allowances for small, local vendors to pay “due upon receipt”?
A.
(Answered by the IOFM Advisory Panel)
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We are 56% checks – 18% Bank of…
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