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Lumi
Buyer Manual
Index
Getting started
Overview Quick start guide Adding locations Adding users Notifications Payment methods Using multiple workspaces
Suppliers
Overview Saving suppliers Inviting suppliers Messaging suppliers Payment terms
Items and specs
Overview Creating items
Lumi ID
Overview Creating QR codes Customizing landing pages Printing guidelines
Product development
Overview Creating specs with suppliers Ordering from development requests Working with experts Getting a dieline Vectorizing artwork Adding artwork to a dieline Tooling
Sourcing and quoting
Overview Minimum quantities Requesting quotes Adding suppliers to an RFP Choosing a quote Types of samples Requesting samples Reviewing a box sample
Orders
Overview Placing orders Placing reorders Canceling an order Reviewing a proof Approve or reject a proof Tracking orders Overs and unders Quality inspections
Logistics
Overview Domestic freight shipments International freight shipments Receiving freight
Inventory
Overview How to manage inventory
Billing
Overview Invoices Reconciling payments
On this page
Overview
Creating your payment terms application
Automatic payments
Types of payment terms
Index > Getting started

How to get payment terms with suppliers

Apply for payment terms with suppliers.

By default, payment is due in full, when you place your order.

Creating your payment terms application

To apply for payment terms, go to your Billing settings, scroll to the bottom of the page, and click Submit a credit application.

We recommend adding at least 2 trade references.

When you request quotes, suppliers will see your credit application and determine whether or not to extend payment terms. Suppliers can choose to accept, edit, or revoke your payment terms application.

    Typical credit terms are Net 30 from ship date. If your credit application is not accepted or you do not apply for terms, the default is 100% due up front.

    Automatic payments

    Three days prior to an invoice’s due date you will receive an email notification reminding you that an invoice is due soon. The notification will be sent to your billing contact and the user who created the order.

    All invoices are automatically paid using your preferred payment method 1 day after their due date. You can also pay ahead by going to your Billing section.

    Invoices that are still unpaid three days after their due date will be automatically paid using the default payment method on your account.

    You will receive an email confirmation of the payment as well as a copy of the paid invoice.

    Keep in mind: Individual suppliers will have their own policies for payment terms approval and they may follow up with additional paperwork from their finance teams.

    Types of payment terms

    Your payment terms with a supplier will influence when you receive invoices, and when they are due. These are typically the three variables that determine your payment terms:

    1. Percent down: how much is due upfront (e.g. 50%)
    2. Payment window: how long you have to pay an invoice after you receive it (e.g. 30 days)
    3. Invoice trigger: the event that triggers when are invoices created
      • Upon order placement — triggered when your order is placed
      • Upon shipment — triggered when your order is fulfilled or partially fulfilled

    If you have no payment terms, the full amount of your order is due 100% upfront, with additional invoices for any subsequent costs such as overproduction and freight shipping.

    If your payment terms are due upon shipment, suppliers will typically issue one invoice per shipment, to account for the exact units that were shipped. This is a common if your order is large and needs to be split into many shipments.

    You can see your payment terms for an order by going to your Orders view, choose an order, and on the Summary tab scroll down to Billing Schedule.

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