Credit limits are set initially at the first order based on review of your credit application. Limits are periodically reviewed and updated as sales volumes and payment history warrant.
Our terms are 1% 10 ADI, net 30 days. If you choose not to take advantage of our discount terms, the full invoice amount is due within 30 days of the invoice date. Invoices that are considered past due or new invoices that would put your account over the assigned credit limit may result in the re-evaluation of your credit status. Metro Hardwoods is one of the only companies that still offers a 1% discount on invoices paid within ten days to customers with established accounts. COD sales are not allowed the 1% discount. This discount is valuable to buyers in that it equates to over 11% interest over the twenty days to the net 30 days terms. A number of instances have arisen where discounts were taken well beyond the ten-day discount period. To be valid for discounts, checks must be sent prior to the ten-day limit. Payments received that were mailed after the ten-day discount period will cause a chargeback for the disallowed discount.
Statements & Invoices
Statements are sent at the beginning of each month along with finance charges for past due invoices. Finance charges are calculated at 18% annual interest rate. Payments received after the last day of the month will be reflected on the next monthly statement. Invoices are sent after delivery has been made to the customer.
Collection calls are made weekly based on past due balances. If delays in payment are anticipated, communication of this and any other anticipated problems are appreciated. Billing inquiries related to pricing should be directed to your salesperson. Accounts outside the credit terms can delay shipments.