Create a term
The following steps will show you how to create a new payment term in Method's Terms App.
- From your Method dashboard, click New on your Terms App, or click New Term on the Terms List screen. This opens the New/Edit Terms screen.
- Assign a descriptive name to your new term.
- When Term is Active is checked, it makes this term available in dropdowns throughout Method.
- Assign this term a discount percentage if applicable.
Usually, this option is used if you want to give a customer a discount if they pay their invoice early.
- Choose between Standard and Date Driven term options.
- Standard: determine how many days from the transaction date before a payment is due.
- If you assigned a discount percent, identify in how many days the transaction must be completed for the discount to apply.
- Date Driven: identify what day of the month the transaction is due (e.g. the 25th).
- You can defer the transaction until the following month if it is received within a set number of days before the due date (e.g. if a customer receives an invoice within five days of the due date, the payment can be deferred).
- If you assigned a discount percent, identify the day the transaction must be completed in order for the discount to apply.
- Click Save. You are returned to your Terms List.
And you're done! You've successfully created a new term.