EDI Payment Terms

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

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
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

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