With credit terms, an approved business orders now and pays later: within 7, 15 or 30 days of the invoice, up to a credit limit you set. Mercayo keeps what each business owes, reminds them before and after the due date, and gives both of you a statement of account.
Credit is for approved business buyers (see Business Accounts) while Pay Later on Terms is on in the settings at the foot of Customers › Businesses.
Giving a Business Terms
On the business's page, under Terms and Credit, choose its Payment Terms (net 7, 15 or 30) and its Credit Limit (empty means no limit). Buyers Can Order on Credit lets its buyers, not only its approvers, pay later.
How a Business Pays Later
At checkout an approved buyer on terms sees Pay Later, with its terms and the credit left. Ordering a quote offers it too. The order is confirmed at once and goes the usual way: packing, shipping and its GST invoice. What it owes becomes a due, due on the invoice's date plus the terms.
An order that would take the business over its credit limit is refused, counting every open due. A cancelled order's due is cancelled with it.
Orders › Credit and Dues
The top shows what you are Owed, how much is Overdue, what is Due This Week and what was Paid This Month. By Business lists each business with something open, the most overdue first, with what it owes and its credit limit. Below, the dues themselves, under Overdue, Due Soon, Open and All, each with its order, invoice date, due date, amount and what is still open.
Recording a Payment
On the business's page, RECORD PAYMENT: the Amount Received, the day it was Received On, How They Paid (bank transfer, UPI, cheque, cash or other) and a Reference such as the UTR or cheque number. Choose the dues it pays, or none to pay the oldest first. A due paid in full marks its order paid. You cannot record more than the business owes.
Reminders
Mercayo reminds the business by email and WhatsApp: a number of days before a payment is due (Remind Before a Payment Is Due, 0 for none), on the day, and every few days once it is overdue (Remind About an Overdue Payment Every). At most one reminder a day.
The Statement of Account
On the business's page and in the business's own My Account › Business › Statement: the opening balance, each invoice and payment by date with the running balance, the closing balance, and what is open by age (not yet due, 1-30, 31-60, 61-90 and over 90 days). Choose the dates, then PRINT or DOWNLOAD CSV.