Understanding Due Dates in Direct Payments

Due dates are a crucial component of our Direct Payment system, helping both payors and payees manage their payment schedules effectively.

What is a Due Date?

A due date is the specified deadline by which a payment must be completed. It represents the latest date a payor should make their payment to avoid any late fees or penalties.

Due dates in LiquidTrust replace the traditional Net 30, Net 7, or Upon Receipt payment terms you see on traditional invoices.

How Due Dates Work

Due dates are automatically calculated based on the payment terms selected during payment creation.
Payees can customize due dates according to their business requirements.
Payors will receive notifications as the due date approaches.

Setting Due Dates

Payees can set due dates by selecting the fixed number of days during payment creation, from a dropdown in the Request Payment flow.

Your due date will be calculated based on the payment terms selected here.

Control Upcoming Payments

The system will show the due date of payments across the platform and will highlight the upcoming payment with additional labels:

COMING SOON* - Due Date Notifications

The system will automatically send reminders 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 flags the payment as overdue
Late payment notifications are sent to the payor
Customers can track overdue payments in their dashboard

Best Practices

To effectively manage due dates:

Set clear payment terms from the beginning
Communicate due dates clearly on invoices
Monitor upcoming due dates regularly
Follow up promptly on overdue payments.