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Invoice phrase translator

Decode the jargon. Get plain-English meaning for any invoice term, with US, UK, and EU conventions noted side by side.

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Invoice payment terms are short codes (Net 30, 2/10 Net 30, EOM, MFI) that mean different things in different jurisdictions. A US Net 30 means thirty calendar days. A UK Net 30 invoice typically follows the same rule, but UK contracts often default to 'within 30 days of receipt of a valid invoice' (Late Payment of Commercial Debts Act). EU contracts often use EOM (end of month) as the trigger. This page is a searchable glossary that explains each term, the convention, and what to confirm with your buyer.

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Why these terms matter more than they look

Three reasons miscommunicating a payment term costs real money.

Different regions read the same term differently

EOM in the US means the last day of the issue month. EOM in some EU contracts means '30 days after the end of the month' (functionally Net 30 from the 1st of next month). Always confirm in writing.

Discount terms are misread as deadlines

2/10 Net 30 means a 2% early-pay discount if paid within 10 days, otherwise the full amount is due in 30. Many freelancers see '2/10' and assume the invoice is due in 10 days.

MFI and EOM trip up calendars

MFI (Month Following Invoice) means 'due in the month after the invoice month.' An invoice issued June 15 with terms 15 MFI is due July 15. Easy to confuse with Net 30.

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Read the long-form guide

How payment terms affect your cash flow and what to negotiate for.

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Phrase translator FAQ

Are these terms standardized?

Loosely. The same code can mean slightly different things by region, industry, and contract. The descriptions here are the most common usage; always read your buyer's purchase order or contract for their specific definition.

Why does my client interpret Net 30 differently?

Some companies (especially large enterprises) interpret Net 30 as 30 days from when AP receives a 'valid' invoice, not from the issue date. 'Valid' usually means it has the right PO number, billing entity, and required attachments. Confirm what counts as 'received.'

What is the most aggressive payment term I should accept?

For freelance and small-business work, Net 60 is usually the line. Anything beyond that means you are extending unsecured credit to a counterparty for two months or more. Net 90 should come with a deposit or letter of credit.

Are early-payment discounts worth offering?

Sometimes. 2/10 Net 30 is functionally an APR of about 36% if you compute the cost of the discount over the 20 days you advance the cash. For low-margin work that is expensive. For high-margin services where cash flow matters, it can be worthwhile.

How do I propose a payment term I want?

Put it on every quote and invoice ('Net 14 from invoice date') and add a late fee clause. Most clients will accept whatever is on the document unless it's wildly out of line. The friction is when terms are different on each invoice.