Please note that this page is a conceptual explanation of the concept of payment terms. For a step by step guide on how to configure Payment terms, please see here.
In the payment term configuration, a distinction is made between payment term sets, payment terms and payment term rules. Together they form a coherent whole in the following way:
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:
- Booked >60 days before arrival
- Payment terms:
- 1st downpayment at bookdate
- Rule: 10% reservation amount
- 2nd payment at arrival
- Rule: 2nd payment: Remainder
- 1st downpayment at bookdate
- Payment terms:
- Booked >60 days before arrival
