Does Merchology Offer Net 30 Terms for Businesses?
When it comes to ordering corporate apparel and gifts, it’s often helpful to have multiple financing options. Here at Merchology, we want to make the apparel and gift ordering as smooth as possible for you and your team, which is why we offer Net 30 Terms. Below is an overview of Net 30 terms and our policies at Merchology so you can decide if Net 30 is a financing option that suits you and your company!
What are Net 30 terms?
Net 30 terms describe a B2B trade agreement in which the seller offers the buyer 30 days to complete the payment. The 30 days typically begin as soon as the invoice is received. Here at Merchology, the 30-day period begins when the invoice is received. As soon as your company has the finalized list of costs, you can mark your planner with the payment date.
How is Net 30 Calculated?
Within a Net 30 agreement, the terms always include a 30-day payment period. This means that you have 30 days to complete the payment without penalty. The 30-day period is 30 calendar days, not business days, so weekends and holidays are included. There is no interest or added cost over this payment period. It’s about as simple as it sounds!
What is a 2/10 Net 30?
There is no interest added to your bill, and some businesses also offer a 2/10 Net 30, which means that if the payment is made after 10 days rather than 30, the buyer receives a 2% discount. This is especially good for buyers with low cash flow: not only do you receive extra payment time, but you save a little money, too! The seller benefits as well, receiving income earlier than the planned payment date. It’s a great tool to support B2B relationships, rewarding loyalty and building trust.
Why is Net 30 good?
Net 30 terms are a great option for businesses under circumstances that cause a limited cash flow. It also allows you to shift your payment into the next month’s budget! This option is especially beneficial for new companies, small local businesses, and non-profits. It allows you to continue taking steps forward as an organization without being road blocked by limited cash flow.
Can I Set Up Net 30 Terms on any Order?
At Merchology, we have a minimum of $3,000 to open all Net 30 terms orders. Additionally, Net 30 terms are not valid for sample orders.
How do I Set Up My Net 30 Account?
Merchology Net 30 customers will need to fill out our a Net 30 Terms application and provide some additional information such as what they are looking to order, quantity, value, and end use. We have a general limit of $3,000 for initial order requests on Net 30 Terms. The Merchology Accounting department then reviews accounts based on the above parameters.
Another great option to find out more is to contact us! Before placing your order, reach out so we can walk through the process with you and answer any questions you might have! We want to make sure to find the payment solution that works best for you and your company.
We want to help! Contact our accounting experts to help make sure the set-up process is smooth for your company. We want to build lasting relationships with your brand that make sense for everyone!