{"id":306768,"date":"2026-07-17T11:47:11","date_gmt":"2026-07-16T23:47:11","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?post_type=sbh&#038;p=306768"},"modified":"2026-07-17T12:12:04","modified_gmt":"2026-07-17T00:12:04","slug":"invoice-payment-terms","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/au\/small-business-resources\/invoicing\/invoice-payment-terms\/","title":{"rendered":"Invoice payment terms small businesses should know"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.23&#8243; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;0px||||false|false&#8221; da_disable_devices=&#8221;off|off|off&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row column_structure=&#8221;1_3,2_3&#8243; _builder_version=&#8221;4.23&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;||0px||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_3&#8243; module_class=&#8221;table-contents&#8221; _builder_version=&#8221;4.23&#8243; background_color=&#8221;#f3f2f6&#8243; custom_padding=&#8221;25px||25px||true|false&#8221; sticky_position=&#8221;top&#8221; sticky_limit_bottom=&#8221;section&#8221; sticky_position_tablet=&#8221;top&#8221; sticky_position_phone=&#8221;none&#8221; sticky_position_last_edited=&#8221;on|desktop&#8221; border_radii=&#8221;on|24px|24px|24px|24px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.23&#8243; text_font=&#8221;||||||||&#8221; global_colors_info=&#8221;{}&#8221; background__hover_enabled=&#8221;on|desktop&#8221;][\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.27.7&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p>Invoice payment terms tell your clients when payment is due, how they can pay and <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/invoicing\/how-to-collect-debt-from-clients\/\">what happens if they pay late<\/a>. Making your payment terms crystal-clear is the easiest way to protect your cash flow and keep your business running well.<\/p>\n<h2>What are invoice payment terms?<\/h2>\n<p>Invoice payment terms are the conditions you set on a tax invoice that define payment timing, accepted payment methods, late fees, and more. They put you and your client on the same page about payment expectations before any work begins.<\/p>\n<p>Standard payment terms cover the due date, payment period, preferred payment methods like bank transfer or direct debit, early payment discounts, and late payment penalties.<\/p>\n<p>If you don\u2019t have clear payment terms, chasing payments will become a regular problem.<\/p>\n<h2>What are the most common payment terms?<\/h2>\n<p>Common payment terms include:<\/p>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2026\/07\/Common-payment-types.png&#8221; alt=&#8221;common payment terms&#8221; title_text=&#8221;Common Payment Types&#8221; _builder_version=&#8221;4.27.7&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.27.7&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<ul>\n<li><strong>Net 30:<\/strong> The customer pays within 30 calendar days of the invoice date. It\u2019s the industry average for professional services and government contracts.<\/li>\n<li><strong>Due on receipt:<\/strong> Immediate payment is expected when the invoice is received. Common for small businesses with tight cash flow needs.<\/li>\n<li><strong>Payment in advance (PIA):<\/strong> Full payment or partial payment upfront is made before work begins. Popular on large projects or when working with a new client.<\/li>\n<li><strong>Cash on delivery (COD):<\/strong> The customer pays for goods at the time of delivery. Common in wholesale distribution and local delivery services.<\/li>\n<li><strong>Instalment agreements:<\/strong> The total cost is broken into smaller recurring payments over a set billing cycle. Can be helpful for customers to manage larger expenses while you keep cash flow steady.<\/li>\n<\/ul>\n<p>Other terms like net 7 and due upon receipt have tighter turnarounds to accelerate your cash inflows. Bear in mind, however, that invoices with one-week terms are more often paid in about two weeks.<\/p>\n<p>Setting longer credit terms can attract corporate clients but also might put a strain on working capital, so match your payment period to your cash flow needs.<\/p>\n<h2>What should you include on your invoices?<\/h2>\n<p>Every tax invoice should state:<\/p>\n<ul>\n<li>The invoice number<\/li>\n<li>Invoice date<\/li>\n<li>Due date<\/li>\n<li>A description of goods or services<\/li>\n<li>Applicable taxes and accepted payment methods.<\/li>\n<\/ul>\n<p>It&#8217;s also a good idea to include a payment link so the customer can pay in just one click via bank transfer, credit card, direct debit, etc.<\/p>\n<p>Use specific language, such as \u201cPayment due by 15 July 2026,\u201d instead of just \u201cNet 30\u201d. State your preferred payment methods as well.<\/p>\n<p>Doing all of this will keep your invoicing process streamlined and help both parties understand their obligations. Better yet, use <a href=\"https:\/\/www.reckon.com\/au\/invoicing\/\">invoicing software<\/a> to send invoices with all fields pre-filled.<\/p>\n<h2>How do you handle late payments?<\/h2>\n<p>A large portion of all invoices are paid late. To cut down on overdue payments, include late payment penalties in your invoice terms (1.5\u20132% per month is standard). You might also be able to charge interest on overdue invoices.<\/p>\n<p>Start with a polite but firm reminder immediately after the due date. If the customer doesn\u2019t respond, send firmer automated reminders. Apply late fees if the payment remains overdue.<\/p>\n<p>If nonpayment continues, issue a formal demand letter outlining the debt and consequences.<\/p>\n<p>Under contract law, for most debts you have up to six years to start court proceedings for unpaid invoices. However, a good debt-collection policy and early follow-ups should resolve most missed payments before they get to that stage.<\/p>\n<h2>How do early payment discounts work?<\/h2>\n<p>Early payment discounts reward customers who pay before the due date. An example might be: <strong>2\/10 Net 30 <\/strong>(abbreviated payment terminology). In this scenario, the customer gets a 2% discount if they pay inside 10 days. Otherwise, full payment is due in 30 days.<\/p>\n<p>Early payment discounts can significantly improve the speed of collections. They can also strengthen supplier loyalty and encourage faster payments across the rest of your client base.<\/p>\n<h2>How do you set the right payment terms for your business?<\/h2>\n<p>Match your payment terms to your industry and cash flow needs. For a new client or an advance payment arrangement, try an upfront payment or a partial payment. For established clients, net 30 is a safe bet.<\/p>\n<p>Always put your payment policies in writing before work starts. If a dispute arises, these written credit terms will be your legal protection. Also use <a href=\"https:\/\/www.reckon.com\/au\/accounting-software\/invoices\/\">invoicing software<\/a> to track overdue accounts and automate your invoicing system.<\/p>\n<p>Review your terms regularly. If you notice clients consistently pay late, shorten your payment period or give credit only to reliable customers.<\/p>\n<p>When <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/invoicing\/invoice-requirements-australia\/\">invoicing for small businesses<\/a>, remember that an owner who sets clear expectations from the outset will spend less time chasing payments and more time growing their business.<\/p>\n<p>Set your payment expectations early. When you expect payment within a specific timeframe, communicate that as clearly as possible. While net 30 is the industry average for professional services and government contracts, you\u2019ll still need to streamline your payment processes by using invoicing software and direct debit to reduce friction and delays.<\/p>\n<p><strong>Bottom line?<\/strong> Getting your invoice payment terms right from the start will mean fewer overdue invoices and a healthier small business overall.<\/p>\n<p>[\/et_pb_text][ba_social_share icon_bg=&#8221;#03002e&#8221; icon_padding=&#8221;10px|12px|10px|12px|true|true&#8221; layout=&#8221;classic&#8221; show_text=&#8221;off&#8221; btn_padding=&#8221;0px|0px|0px|0px|false|false&#8221; btn_bg_color=&#8221;RGBA(255,255,255,0)&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;50px||||false|false&#8221; custom_padding=&#8221;25px||||false|false&#8221; custom_css_before=&#8221; content: %22SHARE THIS%22;|| font-size: 16px;|| font-weight: 700;|| line-height: 22px;|| letter-spacing: 0em;|| text-align: center;|| color: #ff5447;|| margin-bottom: 10px;|| display: inline-flex;|| position: absolute;|| margin-top: 10px;&#8221; border_width_top_main=&#8221;1px&#8221; border_color_top_main=&#8221;#e4e4e4&#8243; border_radii_icon=&#8221;on|5px|5px|5px|5px&#8221; global_colors_info=&#8221;{}&#8221; custom_css_before_last_edited=&#8221;off|desktop&#8221;][ba_social_share_child _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;facebook&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;linkedin&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;email&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][\/ba_social_share][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Invoice payment terms explained for small businesses. Learn common terms, due dates, late fees and ways to improve cash flow.<\/p>\n","protected":false},"author":35,"featured_media":306773,"menu_order":0,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"sbh_category":[200],"class_list":["post-306768","sbh","type-sbh","status-publish","format-standard","has-post-thumbnail","hentry","sbh_category-invoicing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.9 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Invoice payment terms small businesses should know | Reckon<\/title>\n<meta name=\"description\" content=\"Invoice payment terms explained for small businesses. 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