What are 60-day payment terms?
60-day payment terms are a payment option we offer on Faire that allows you to buy new inventory now and pay for it 60 days later. We offer net 60 payment terms so you can buy the optimal amount of inventory for your store, while managing your cash flow.
How do I apply for 60-day payment terms?
To apply for terms directly from your portal, if eligible:
- Log in to your account
- Click the account drop down (person icon) at the top right-hand side
- Locate the ‘Payment terms’ section in the drop down
- Click ‘Apply for Net Terms’
This will take you to a new page where you can fill out our application form.
Once you’ve applied, it can take between 3-7 business days for us to review your application. If you have no heard back from us within 7 days of your application, please reach out to support and we will look into this for you.
When will I be charged if I use 60-day payment terms?
With 60-day payment terms, Faire covers the upfront cost of your order. When you order using this payment option, you won’t be charged for your items until 60 days after the date you placed the order. If the order takes more than 14 days to ship, your invoice will be due 60 days after the ship date instead.
Once you pay off an invoice, that amount is returned to your available 60-day payment terms, and you can continue to place more orders using this buy now, pay later structure.
How does Faire assign 60-day payment terms?
At sign-up, eligible retailers will see their spending limit for 60-day payment terms. You may also be required to link your bank, point-of-sale system, or accounting system in order to help verify your eligibility. For more information, please see our Privacy Policy.
Will my available 60-day payment terms ever change?
As your business continues to evolve, we will periodically review the initial payment terms you got when you first signed up for Faire.
When making payment terms adjustments, we will take into account any changes to your business type, size, or location, as well as your payment history, financial information, and/or additional self-reported sales information. As part of these adjustments, we may also consider payment behavior - such as on-time invoice payments, failed payments, and overall order health, including return or dispute rates.
Where can I find my 60-day payment terms?
To review your current 60-day payment terms availability, log in to your Faire account and select the user icon in the top right. Your payment terms availability will show in the dropdown menu.
How can I increase my 60-day payment terms?
If eligible, you can request an increase by:
- Logging in to your account
- Clicking the account dropdown (person icon) at the top right-hand side
- Locate the ‘Payment terms’ section in the drop down
- Selecting Request More in the account dropdown menu and filling out the application.
During the application process, we may request additional information about your business. Once you apply, it takes about 3-5 business days for us to review your application and update your terms limit. Keep in mind that as long as you do not have overdue invoices, you can always order above your payment terms limit by choosing the option to pay on shipment during checkout.
Creating multiple accounts in order to circumvent 60-day payment terms limits is against Faire's policies, and Faire may take appropriate action on the accounts if necessary.
Why don’t I see the option to increase my 60-day payment terms?
If the Request More option is missing from your account dropdown menu, this means you’re currently not eligible to apply for an increase. The option to request an increase may not be available if you’ve applied for one within the last 60 days.
How do I become eligible for a 60-day payment term increase?
There are several ways you can improve your chances of becoming eligible to apply for an increase, including but not limited to:
- Paying your invoices on time
- Maintaining healthy return rates
- Returning items in good condition
- Utilizing your existing, available payment terms
- Linking your point-of-sale system and/or bank to Faire
Keep an eye on your account dropdown menu for the Request More option. Once you become eligible, you’ll be able to apply for an increase.
Can I request payment terms without linking a bank account?
If you are unable or uncomfortable linking your bank account via Plaid, you can also manually upload 3 months of your business's full bank statements when requesting an increase.
- Navigate to the Request more button from your Account drop-down menu.
- Proceed through the steps of the modal until you’re asked to link your bank account through Plaid.
- Instead of linking your bank account, click the X in the top right-hand corner of the modal.
- Once you’ve clicked the X, an error message will appear along with a new modal offering the ability to Upload Bank Statements Manually.
What if I don't qualify for 60-day payment terms?
If you don't qualify for 60-day payment terms, your payment will be due when the order is shipped by the brand. Your default payment method will automatically be charged once the order is in transit. Please know that an authorization hold may be placed on your card prior to shipment. You can apply again after 60 days.
How do I use 60-day payment terms at checkout?
You can change or select your payment option during checkout.
On the checkout page:
- Locate the Payment Information section
- Select Edit to select between payment options
- Toggle to 60-day Terms (Buy now, pay later)
Once your order is placed, the payment option for that order can’t be changed. If you accidentally placed the order with payment on shipment, you can cancel and replace the order with the correct payment option. If you accidentally placed the order with 60-day payment terms, you can pay your invoice as soon as your order ships.
Can I use payment terms for orders written by the brand?
Yes, when you accept a pending invoice order, the invoice amount will be deducted from your available payment terms. You will be charged after 60 days from the order date.
How do I know what orders are currently using my terms?
If you want to check which orders are using your payment terms, the best option is to visit your Invoices page.
On this page, you can find the date on which an order was placed and the due date of the invoice. If there is approximately a two-month gap between these two dates, then that invoice is on your payment terms.
Why does my order say payment on shipment if I have available payment terms?
You may see payment on shipment at checkout if:
- Your order amount exceeds your available payment terms
- Payment on shipment is the selected default payment option
To use your payment terms, you should place orders that have a total within your available terms. You can choose your payment terms during checkout only if your order total doesn’t exceed your available payment terms. If your available terms aren’t enough for your order total, the system will automatically select payment on shipment for you, so you’ll simply be charged for the entire order once it ships, regardless of the remaining payment terms.
Once an order is automatically set to payment on shipment because you didn’t have enough payment terms available, payment on shipment will remain your default payment type until you manually change it at your next checkout.
During checkout, review the payment option that is selected. If your order total is within your available terms, update the payment option from payment on shipment to 60-day payment terms.
For more details on payment options, visit How do I pay my invoices?