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Credit terms are often quoted as "net X," with X being a certain number of days. An example of a common payment term is Net 30, which means payment is due at the end of 30 days from the date the invoice is issued. Transit time is included when counting the days, i.e., a purchase in transit for 7 days before receipt has just 23 additional days until payment is due from the seller. Other common payment terms include Net 45, Net 60, and 30 days at the end of the month. Net 30 is a term that most...

Credit terms are often quoted as "net X," with X being a certain number of days. An example of a common payment term is Net 30, which means payment is due at the end of 30 days from the date the invoice is issued. Transit time is included when counting the days, i.e., a purchase in transit for 7 days before receipt has just 23 additional days until payment is due from the seller. Other common payment terms include Net 45, Net 60, and 30 days at the end of the month. Net 30 is a term that most...