What is the standard payment term in Belgium?

06 Jun 2023 By PAYCEC

The payment term in Belgium refers to the agreed-upon timescale within which a buyer is anticipated to pay a seller or provider. Payment terms are frequently negotiated between the parties involved and differ depending on various criteria, such as the nature of the business relationship, industry conventions, and regulatory obligations.

Commonly used payment terms in Belgium include:

• Net D: This term, also known as "Due Date" or "Net Due," indicates that the buyer is required to settle the payment within a specified number of days from the invoice date.
• Net D+X: This term extends the payment timeframe beyond the invoice date by a specific number of days. For example, "Net D+30" means the payment is due 30 days after the invoice date.
• Cash on Delivery (COD): In some circumstances, especially in retail transactions, the payment period may necessitate quick payment upon receipt of goods or services.
• Advance Payment: Some commercial transactions may require an advance payment or a percentage of the total cost before things are delivered.

It's important to note that the specific payment terms can vary depending on the industry, business practices, and individual agreements between buyers and sellers. Regarding Austria's payment methods, the country employs a diverse range of payment options. These include:

• Bank Transfers: Bank transfers, also known as credit transfers, are widely used in Austria. Individuals and businesses can transfer funds electronically between bank accounts.
• Cash: Although digital payments are growing more popular in Austria, people still utilize physical money for regular transactions. For in-person purchases, banknotes and coins are generally accepted.
• Debit and credit cards: Debit and credit cards are generally recognized and frequently used in Austria. Merchants in Austria accept card networks such as Visa, Mastercard, and American Express. Customers can use their cards to make purchases at a variety of businesses.
• Contactless payments: This payment method allows customers to make fast and convenient transactions by tapping their contactless-enabled cards or mobile devices on special terminals. It eliminates the need to swipe or insert a card, making the payment process quicker and more convenient.
• Online Payment Gateways: Online payment gateways are essential for e-commerce transactions in Austria. They facilitate secure online payments and enable the acceptance of various payment methods, including cards, bank transfers, and alternative payment options.