Glossary
Billing Schedule
A billing schedule is used by 3PLs to define the schedule to bill a sale over a range of time or a contract term. For example, they may want to bill monthly for the sale of a one-year membership, or bill quarterly for a three-year service contract.
Meaning of Billing Schedule
A billing schedule outlines the predetermined dates and terms for invoicing and payment between businesses or individuals. These schedules help establish clear expectations for when payments are due, ensuring smooth financial transactions and cash flow management.
Components of a Billing Schedule:
- Invoice creation date
- Due date for payment
- Accepted payment methods
- Late payment penalties, if applicable