Payment Policy

Specifies the forms of payment the business will accept (e.g., credit cards, checks, online payments).

Payment due dates: Clearly states when payment is expected, such as upon receipt of the invoice, within a certain number of days (e.g., Net 30), or in installments.

Payment terms: Details the conditions under which payment is made, which can vary by agreement. For example, a policy might require a down payment, a payment at a specific milestone, and the final payment upon completion.

Late fees and penalties: Outlines the consequences for late or non-payment, which can include interest charges.

Refund rules: States the conditions under which a refund may be issued.

Payment processing: Explains how transactions will be processed, especially for electronic payments.