Payment terms outline how customers should pay during the project. Payment terms are essential to the agreement between an integrator and their customers.
Cloud has some default payment terms built in, but you can add custom payment terms to meet the needs of your projects.
Add payment terms
To add new payment terms, go to "Settings > Quote > Project Payment Terms" and click "New payment term." In the modal, specify the payment milestones and the amounts.
You can specify amounts in three ways:
1 - Percentages of the total amount paid over multiple milestones
For example, a 30% deposit upon accepting the proposal and the remaining 70% upon completing the project.
2 - Fixed amounts paid at one or more milestones
For example, a $500 deposit upon accepting the proposal and two $1000 payments during the project.
3 - A combination of percentages and fixed amounts paid over multiple milestones
For example, a $500 deposit upon accepting the proposal and two 50% payments during the project.
The following is a screenshot of payment terms that use a combination of both percentages and a fixed amount.
Set default payment terms
If most of your projects follow a similar payment schedule, you can set one of the payment terms as the default. You can set default payment terms for change orders, too.
If needed, you can set one payment terms as the default for both quotes and change orders.
Key notes about payment terms
The billing and due dates for payment terms are defined in the quote where it is used. If you add the dates in the quote, the proposal will show the dates.
Check out this article for more details.
If you do not want to show the dates in the proposal, you have the option to add the dates in the Project view once the opportunity is won.
Check out this article for more details.