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A payment term set is the highest level, which can be considered the 'set of applicable rules' for a reservation (e.g. booked >60 days before arrival). A payment term set (payment rules) consists of multiple payment terms (when is it paid) per payer type, which in turn contain one or more payment term rules (what is paid).  Payment term set are configured on Distribution Channels level.

Conceptual example:

• Payment term set:

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• 1st payment: 10% reservation amount
• • Booked >60 days before arrival
    • Payment terms:
      • 1st downpayment at bookdate 
        • Rule: 10% reservation amount
      • 2nd payment at arrival

  Payment term rule:

  • • • • • Rule: 2nd payment: Remainder