What is Past Due Invoice?

A past due invoice is where your customer has not paid your invoice according to the agreed upon credit terms. For example, if your selling terms are net 30 and on the 31st day, your customer has still not paid this is a past due invoice. There are many ways for you to take action or mitigate credit risk.

Audio Definition/Pronunciation

  • Invoice

    An Invoice is a legal document listing a service delivered or merchandise shipped, the ship to name and address, the bill to name and address, the cost and terms of the sale. It is also important that the invoice reflects…

  • Credit Terms

    Credit terms, terms of credit or invoice terms is an agreement between the buyer and the seller that list the timing, amount and also when the title is transferred on a product. For example, Net 30 means your customer is…

  • Customer

    Also known as the debtor. A business that utilizes the services of the client and remits invoice payment to the client’s factoring company.

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