Are you familiar with COD or cash on delivery? If you are an online shopper, you are sure familiar with it. When you purchase online and use the cash on delivery payment method, it means that your payment is due when you get the item. So if you say your payment is due upon receipt, it is easier to think of it as cash on delivery.
One of the advantages of this payment method is that it will be a faster payment receipt compared to credit or debit cards where the funds are sometime put on hold in the bank. Below are some examples for you to take a look.
FedEx Payment Due Upon Receipt in PDF
Payment Due Upon Receipt Letter
What Does It Mean When a Receipt Is Due and Payable?
When you say that a receipt is due and payable, it means that it must be paid right away or once it is due. This is common in daily situations where we purchase goods and services and pay for them right away. Say for example you purchased some groceries in the supermarket and brought it to the cashier. The cashier scanned the price of all the items you purchased and provided you the total amount. For you to be able to bring those items home, you need to pay the total amount to the cashier because it is due. You can also download Sample Payment Receipt online.
What Is the Difference between Due and Payable?
Due refers to a certain date or time that you have been expected or planned. On the other hand, payable means a fee to be paid or the amount of money to be paid for a certain purchase of goods and services. In some cases, due can also mean a fee or a payment that needs to be made. This is where due and payable come to mean the same thing. We also have Blank Rent Receipt available for download.
Contract Lease Payment Due Upon Receipt
Accounts Receivable Payment Due Upon Receipt
What Are the Terms of Payment?
The terms of payment is a set of conditions that is agreed upon by both buyer and seller for the good or services that is being sold. These terms may provide specific details on when the payment is due. They may also demand for advance payments depending on what has been agreed upon. You can also check House Rent Receipts. There are three basic terms of payment and they are the following:
- Cash refers to monetary payment, like coins or bills.
- An open account term of payment is a transaction where the seller ships the product to the buyer to be paid at a later time or upon receipt.
- A secured account term of payment are payments made through secure methods.
What Is an Advance Payment?
An advance payment or an advance means you pay for something before you can consume or get the goods you paid for. For example, to rent an apartment aside from paying the month’s rent, you need to pay for one month advance and one month deposit. This means that you pay for three months worth of rent even if you are still on your first month. The advance you made can then be used at a later time. We also have Printable Payment Receipts available.
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