Payment terms, translated into what actually happens

Terms are written to sound neutral. Here is what they mean for your bank account.
— The period close is when they stop counting, not when they pay.
— Net terms run from the period close, or from the invoice being received, or from the invoice being approved. Those are three different dates and the difference can be weeks. Ask which one starts the clock.
— If an invoice must be approved before terms begin, the clock is controlled by somebody else's inbox.
— Holdback or reserve: a portion withheld against future adjustments. Ask the size and the release schedule, and treat it as money you do not have.
— Minimum payout threshold: below it, nothing moves. On small volumes that means financing them indefinitely.
— Payment method, and who pays the fees. Sounds trivial until it is not.
Do the arithmetic once: from spending money to receiving money, how many days is the worst realistic case? That number is your business model.