Understanding Due Dates in Simple Pay

Due dates are a crucial component of our Simple Pay system, helping both Payors and Payees manage their payment schedules effectively and ensuring timely settlement of transactions.

A due date is the specified deadline by which a payment must be completed. It represents the latest date a Payor should initiate their payment to avoid late notifications.

How Due Dates Work

Due dates in LiquidTrust replace the traditional terms (like Net 30, Net 7, or Upon Receipt) found on traditional invoices.

• Setting Due Dates: Payees set the due date by selecting a fixed number of days (the payment term) from a dropdown menu during the Request Payment flow. The due date is automatically calculated from the date the request is created.

• Tracking: The system displays the due date across the platform and uses clear labels to highlight upcoming payments.

• Notifications: The system automatically sends reminders to the Payor to help ensure timely payments:
  • One week before due date
  • Three days before due date
  • On the due date

Managing Overdue Payments

If a payment becomes overdue:

• The system immediately flags the payment as overdue.
• Late payment notifications are sent to the Payor.
• Customers can track all overdue payments in their dashboard.

Why This Matters

Clear due dates simplify the billing process for Payees and provide clear expectations for Payors. By automating reminders and flagging overdue transactions, LiquidTrust helps you maintain predictable cash flow and strong relationships with your business contacts.

Tips, Notes, or Warnings

• Communicate Terms: To effectively manage due dates, ensure you set clear payment terms from the beginning and communicate the final due date clearly on the associated invoice.
• Monitor Regularly: Monitor upcoming due dates regularly and follow up promptly on any overdue payments.