Hi aussie,
From the 3-8-15 newsletter.
From Aaron Krech,
Financial Administration
The Finance staff contributes in almost every step of the sales process. Part of that process is vetting our customers through the customer credit application process, and by extension setting credit terms for their orders. The industry standard for these terms is typically 30 to 120 days after receipt of goods. Deciding on payment terms is a balancing act between managing potential credit risk and staying competitive within the market. While extending credit delays the receipt of cash, it is a necessity of doing business in these markets. The Finance staff believes this process can be managed effectively through careful consideration of the terms selected and diligent cash management.
It seems in the US 30-120 days is a typical grace period for payment in this industry.
I would think that if we had to wait say 90 days for payment on average, then we would also have negotiated that we don't pay the chemical company or our suppliers for a 90 day period, we are most likely just sitting in the middle, collecting with the right hand and passing it out with the left after taking our cut.
Cheers have a great Australia Day.
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