Standard Payment Terms

Overview

Under the standard payment schedule, payments are released on a rolling cycle tied to when work is completed and invoiced. There are three invoicing periods per month, each with its own deadline and corresponding payment release date.

How It Works

Each month is divided into three work periods. To receive payment, all jobs must be marked complete by 5:00 PM CST on the last day of the relevant work period. Payments are then released 45 days after the close of that period.

Example: March Work Periods

The table below shows how the payment schedule applies to work completed in March:

Weekends & Bank Holidays

If a scheduled payment release date falls on a weekend or a day when banks are closed (e.g., federal holidays), payment will be released on the next available business day.

Example: If May 4 falls on a Saturday, payment will be released on Monday, May 6.

Switching Payment Terms

If you change your payment terms, the new terms will not apply to any invoices already in progress. Your updated terms will take effect starting with the next invoice generated after the change is made.

Key Reminders

• All jobs must be marked complete by 5:00 PM CST on the invoicing deadline — late submissions will roll to the next period.

• Payment release dates are 45 days from the close of each work period.

• Weekend or holiday release dates shift to the next business day.

• New payment terms take effect on the next generated invoice, not retroactively.

Questions?

For any questions about your payments, contact the accounting team at accounting@worksmith.com.