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A term of payment, also sometimes called payment term, is documentation that details how and when your customers pay for your goods or services. Terms of payment set your business's expectations for payment, including when clients pay and what penalties they may receive for missed payments.

These can include the following: Lump Sum. A lump sum, also referred to as a flat fee, is a type of payment that a consultant receives upon finishing a project. ... Hourly Rate. ... Monthly Rate. ... Progress Payment. ... Requests for a Partial Payment. ... Track the Hours Automatically. ... Send the Invoice Immediately. ... Remain Polite.

Direct deposits are a great way to transfer money domestically. So, if you and your contractor are in the same country, direct deposit is a safe and convenient way to pay them. In the US, direct deposits are arranged through the ACH system, which allows you to transfer money directly to your contractor's bank account.

Payment release is when a payment has been made from your account to your provider, paying your medical bill.

Lump sum contracts Lump sum contracts, also called fixed price contracts, establish a fixed price for all of the materials and labor required to complete a job. This is the most basic and common type of construction contract.

In construction, a payment schedule is a timeline of the payments to be made throughout the lifetime of a project. On most jobs, contractors don't receive a single, lump-sum payment for the work or materials they provide.

The three main billing options in the construction industry include: Advanced billing: Billing before the project begins. Arrears billing: Billing at the end of the project. Progress billing: Billing as the project progresses.