Code identifying type of payment terms.
The 810 Invoice is the most popular EDI transaction after the 850 Purchase Order. Both of these transactions offer a segment (ITD) which can be used to transmit terms of sale data elements. The ITD01 data element is used to convey the payment terms code.
The following four codes are common in Retail EDI
01 Basic
02 End Of Month
05 Discount Not Applicable
08 Basic Discount Offered
Complete List Of Payment Term Codes
| CODE | DEFINITION & EXPLANATION |
|---|---|
| 01 | Basic |
| 02 | End of Month (EOM) |
| 03 | Fixed Date |
| 04 | Deferred or Installment |
| 05 | Discount Not Applicable |
| 06 | Mixed |
| 07 | Extended |
| 08 | Basic Discount Offered |
| 09 | Proximo |
| 10 | Instant |
| 11 | Elective |
| 12 | 10 Days After End of Month (10 EOM) |
| 13 | Seller to advise buyer |
| 14 | Previously agreed upon |
| 15 | Special Proximo |
| 16 | Prompt Payment Act |
| 31 USC Ch. 39: PROMPT PAYMENT | |
| 17 | Terms not Applicable |
| 18 | Fixed Date, Late Payment Penalty Applies |
| Sales terms specifying a past due date, and a late payment percentage penalty applies to unpaid balances past this due date | |
| 19 | Liquidation |
| Term at which the progress will be liquidated before the final payment is made to the contractor | |
| 20 | Progress Payment |
| Term at which progress payments are authorized by the terms of the contract | |
| 21 | Fast Pay |
| Code indicating that an invoice is subject to accelerated payment | |
| 22 | Cash Discount Terms Apply |
| Contract terms specify that a cash discount is applicable | |
| 23 | Payment Due Upon Receipt of Invoice |
| 24 | Anticipation |
| A discount allowance given when an invoice is paid before its due date (anticipation = (agreed rate/365) x invoice amount x number of days early) | |
| 25 | Cash Account |
| 26 | Cash on Advance |
| 27 | Cash on Arrival |
| Open account of short duration (usually 10 days) | |
| 28 | Cash per Vendor Request |
| 29 | Cash by State Law |
| 30 | Cash with Order |
| 31 | Cash on Delivery (COD) |
| 32 | Lease Agreement |
| 33 | Net Month Following Invoice (MFI) |
| 34 | Sell by Note |
| Credit instrument in which debtor promises to pay a definite sum of money on demand or at a definite time in the future, at a stated place | |
| 35 | Supplier Floor Plan |
| Type of financing used often by auto and furniture dealers where merchandise is owned by financing institution | |
| 36 | Contract Basis |
| Terms are based on contract with vendor | |
| 37 | Credit Controlled |
| Terms are monitored by creditor | |
| 38 | Dating Given |
| In industries where principal sales may occur in one season, suppliers may extend seasonal dating (usually due after main selling season) | |
| 39 | Trade Acceptance |
| Special from of draft that arises out a merchandise transaction; it is a written acknowledgment of the sale of goods and promise to pay at a definite date and place | |
| 40 | Bill to Bill |
| Term indicating payment for one bill must be paid prior to the next | |
| 41 | Letter of Credit |
| 42 | Lump Sum |
| 43 | Fixed Fee |
| 44 | Cost Plus |
| 45 | Bank Transfer |
| 46 | Basic Commission Terms |
| 47 | Bill of Exchange |
| 48 | Cash Against Documents |
| 49 | Certified Check |
| 50 | Discount with Advance Payment |
| 52 | Discount with Prompt Pay |
| 54 | Installment Payments are Due Annually |
| 55 | Installment Payments are Due Semi-annually |
| 56 | Installment Payments are Due Monthly |
| 57 | Installment Payments are Due Quarterly |
| 58 | Irrevocable Letters of Credit |
| 61 | Payment Order Through Bank |
| 63 | Promissory Notes |
| 64 | Secured Account |
| 65 | Letters of Credit at Sight |
| Bank accepts Letter of Credit and makes funds immediately available | |
| 67 | Deposit Required |
| 68 | Documents against Acceptance |
| When an importer accepts liability for imported goods, shipping documents can be released; actual payment is based on terms on draft which is signed when documents are picked up | |
| 70 | Documents against Payment |
| Documents are released upon payment | |
| 71 | Inter-company Account |
| Used to signify that the vendor and customer are affiliated companies | |
| 72 | Unknown |
| 73 | Partial Advance |
| Partial Payment is required to be paid in advance | |
| 74 | Payment Upon Completion |
| 75 | United States Funds Required |
| 76 | Usance Bill |
| Type of Letter of Credit for which a percentage is paid up front | |
| 77 | Progressive Discount |
| Discount varies based on monetary amount of order and/or speed in which payments are made | |
| CA | Cancellation Option |
| CO | Consignment |
| CT | Commercial Item Finance |
| NC | No Charge |
| PP | Prepayment |
| RO | Redemption Options |
| ZZ | Mutually Defined |