When billing a customer, which is preferable? A 50:50 split on an invoice (50% now, 50% on completion) or Net 30 terms (i.e. pay everything after 30 days)? Asking for a friend.
@JohnsNotHere If you doubt the reputability of your partner, 50:50.
If you KNOW they can pay for it, 30 days, after which you set a fine of 10% per every day over that.
That's what I was thinking, Now I just need to adjust my invoices accordingly. ;-)
As for being late, I've already got my "late fee" baked into the contract, so that's fine.
The answer depends on the several factors, like what the product or service is, what is typically offered by your competitors, your company's cash flow/revenue needs, and the type of clientèle you service/sell to.
Residential: Net 0 - 10 days
Small Biz: Net 10-30 days
Big Biz: Net 30-90 days
I often demanded a % down against hardware sold in the invoice.
Clients judge you by what your competitors are offering, but what you require to stay in business is paramount.
@JohnsNotHere: I'd agree with @m4iler 30 days with a late fee. It's a fair compromise that most people will find agreeable. Don't shy away from gentle, then firm, reminders for payment though. I had clients that were consistently late. I worked closely with them and knew it was just poor process on their behalf. After a while a quite chat then a notice of intent to charge late fees soon sorted things out.
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