Payment Policy

Payment Terms

  • Customer Payments:
    • All payments must be made in AUD.
    • Payment is due upon receipt of invoice or as specified on the invoice.
  • Customer Payments:
    • All customer payments will be processed promptly upon receipt.
    • Payments received by mail or in person will be recorded and deposited into the company's bank account.
    • Electronic payments will be processed through the company's payment system.
    • Payment information will be recorded accurately in the accounting system.
  • Supplier Payments:
    • Supplier invoices will be verified for accuracy and approval.
    • Payments will be processed according to the approved invoice and payment terms.

4. Payment Records

  • All payment records, including invoices, receipts, and bank statements, will be maintained in an organized and secure manner.

5. Reconciliation

  • Bank reconciliations will be performed [frequency, e.g., monthly] to ensure accuracy and identify any discrepancies.
  • Any discrepancies identified during the reconciliation process will be investigated and resolved promptly.

6. Security

  • All payment information will be treated as confidential and protected from unauthorized access.
  • Secure payment systems and procedures will be implemented to safeguard sensitive financial data.

7. Policy Review

This policy will be reviewed annually to ensure its continued relevance and effectiveness.

Payment Disputes

  • Dispute Resolution Process:
    • All payment disputes will be investigated promptly upon notification.
    • The designated department (e.g., Accounts Receivable) will be responsible for reviewing the dispute and gathering relevant documentation.
    • If the dispute cannot be resolved internally, it will be escalated to the appropriate manager or supervisor.
    • In cases of significant disputes, legal counsel may be consulted.
    • A written record of all dispute resolution efforts will be maintained.

Foreign Currency Transactions

  • Currency Exchange:
    • All foreign currency transactions will be processed through a reputable currency exchange service or bank.
    • Currency exchange rates will be determined based on the prevailing market rates at the time of the transaction.
    • All foreign currency transactions will be recorded in the accounting system.
  • Foreign Currency Payments:
    • Foreign currency payments will be accepted and processed in accordance with applicable laws and regulations.
    • Foreign currency payments may require additional documentation, such as a valid passport or government-issued ID.

Chargebacks

  • Chargeback Process:
    • If a chargeback is received, the designated department will investigate the matter and determine the appropriate course of action.
    • If the chargeback is deemed to be valid, a refund will be issued to the customer.
    • If the chargeback is disputed, the company will work with the payment processor to resolve the issue.