> ## Documentation Index
> Fetch the complete documentation index at: https://docs.vis42.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Payment Terms & Methods

> Configure default payment terms, accepted methods, and bank account details for your business.

## Overview

Payment terms define when invoices are due. Setting sensible defaults here saves time on every invoice and ensures consistent terms across your customers.

## Default Payment Terms

Go to **Settings → Payment Terms** to configure:

* **Default due days** — Number of days after invoice date that payment is due (e.g. 30 = Net 30)
* **Terms label** — The text shown on invoices (e.g. "Net 30", "Due on receipt", "2/10 Net 30")

<Tip>
  You can override payment terms per counterpart (in Counterparts → Payment Terms) and per individual invoice. The per-invoice setting always wins.
</Tip>

## Payment Terms Templates

Create named templates for common scenarios:

| Template       | Days | Use case                             |
| -------------- | ---- | ------------------------------------ |
| Net 15         | 15   | Fast-moving goods, preferred clients |
| Net 30         | 30   | Standard B2B default                 |
| Net 60         | 60   | Large enterprise contracts           |
| Due on Receipt | 0    | Retail, one-off services             |

<Steps>
  <Step title="Go to Settings → Payment Terms → Add Template">
    Enter a name and number of days.
  </Step>

  <Step title="Set as default (optional)">
    Mark one template as the account-wide default. It pre-fills on all new invoices unless a counterpart-level override applies.
  </Step>
</Steps>

## Bank Account for Incoming Payments

Add your business bank account so customers know where to send payment:

<Steps>
  <Step title="Go to Settings → Bank Accounts → Add Account">
    Enter IBAN, BIC/SWIFT, bank name, and account holder name.
  </Step>

  <Step title="Set as primary">
    The primary bank account appears on all invoices automatically.
  </Step>
</Steps>

<Warning>
  Double-check your IBAN before saving. An incorrect IBAN on invoices means customers can't pay you and you'll need to re-issue documents.
</Warning>

## Accepted Payment Methods

Configure which payment methods you accept. These appear as guidance text on your invoices:

* Bank transfer (SEPA, SWIFT)
* Credit/debit card (if integrated with a payment processor)
* Cash
* Cheque

Go to **Settings → Payment Methods** and enable the methods relevant to your business.

## Late Payment Settings

Optionally configure late payment penalties:

* **Grace period** — Days after due date before penalties apply
* **Penalty rate** — Annual interest rate applied to overdue amounts (e.g. 5%)
* **Penalty text** — Legal text shown on invoices (required in some jurisdictions)

<Tip>
  Even if you don't enforce penalties, adding penalty text to invoices often improves on-time payment rates.
</Tip>