In Thea's latest mailbag, "Terminally Explained-Out in Tennessee" asks to explain payment terms in an easy to understand guide to put an end to the non-stop explanations.
Take heart my explained-out friend, you are not alone! I think every credit manager I know has this issue. I have explained payment terms to sales reps, accountants, CFOs, CEOs, and customers so many times it has begun to sound like a Dr. Suess book: "Would you, could you, pay in 10 days? Would you, could you with a prox? If you would, please check this box." (Both my kids begged me not to include this home-grown rhyme, but I would not be stopped, no not this time.)
Let's hit the top five terms shall we? Almost all terms that come after these five are just some creative variation or bastardized version of the originals.