What is “net-60”? Are other net terms available?

We offer two services, a revolving line of credit and net terms on business purchases. This article applies to the net terms service.

 

Net-60 terms give you 60 days to pay for a purchase with no interest or fees. After 60 days, in most U.S. states, you will automatically enter extended terms—a 52-week repayment plan where your flat weekly payment and weekly interest amounts are automatically debited from the business checking account you provided.

In states where extended terms are not available, the entire purchase amount will be debited automatically at the end of the net terms period, with no interest or fees.

Most of our vendors offer net 60 terms but there are some exceptions where different net terms are available.

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