Billing & Payments
Net Payment Terms
Finance Team
4 min read
Last updated: 1/15/2025
net-terms
credit
billing
payments
Net Payment Terms
Qualified business customers can apply for net payment terms, allowing you to receive goods now and pay later within an agreed timeframe.
Available Terms
- Net 15 - Payment due within 15 days of invoice
- Net 30 - Payment due within 30 days of invoice
- Net 45 - Payment due within 45 days of invoice
- Net 60 - Payment due within 60 days (enterprise only)
Eligibility Requirements
To qualify for net terms, you typically need:
- Active business entity (LLC, Corp, etc.)
- Minimum 6 months in business
- Satisfactory credit history
- Trade references (2-3 preferred)
- Bank reference
- Minimum monthly purchase volume
How to Apply
- Log in to your account
- Go to Account → Credit Application
- Complete the credit application form
- Upload required documentation
- Submit for review
Required Documentation
- Business registration documents
- Tax ID / EIN certificate
- Bank statements (last 3 months)
- Trade references with contact info
- Personal guarantee (if required)
Credit Limits
Your credit limit is determined by:
- Business credit score
- Financial statements
- Payment history with Source Parts
- Trade reference feedback
- Time in business
Managing Your Account
- View Available Credit - Check your remaining credit limit
- Payment History - Track all payments made
- Request Limit Increase - Apply for higher limits after establishing history
- Set Alerts - Get notified before payments are due
⚠️ Important
Late payments may result in late fees, credit limit reduction, or suspension of net terms privileges. Set up payment reminders to avoid missed deadlines.
Early Payment Discounts
Some invoices may offer early payment discounts:
- 2/10 Net 30 - 2% discount if paid within 10 days
- 1/15 Net 30 - 1% discount if paid within 15 days
Questions?
Contact our credit department at credit@source.parts
Was this article helpful?
Related Articles