Partial payments are when you pay only a portion of the invoice when it’s due. This is an option for businesses that need more time to pay their bills but don’t want to accrue interest or late fees.
The most common way to make these kind of payment is by setting up a payment plan with your vendor. This is where you agree to make regular, fixed payments over a set period. You can also make partial payments online or by mail. Just be sure to include your invoice number on your check or money order so that the payment can be credited correctly.
There are a few different scenarios in which partial payment may be accepted:
Each scenario has its terms and conditions that must be met to accept partial payment. It’s important to read over all documentation carefully before agreeing to anything to know what you’re responsible for and when payments are due.
There can be several advantages to businesses when they offer partial payments. Here are five potential benefits:
These payments can offer businesses several advantages, from improving cash flow to increasing sales. However, it’s important to consider the potential downsides before implementing a partial payment policy.