Payment Methods/Terms

Park Street Payment Methods

Please find our updated Payment Methods document below. This lists Park Street's accepted payment methods for customers to pay open invoices. You are welcome to share it with customers and suppliers alike!

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Net Terms Allowed for SOs

Please see below the current allowable Net Terms for distributors:

Anything below 30 days

Net 30

All other net terms need to be approved by OPS Managers.

New customers categorized as "Wholesaler" or "International" undergo a credit review process before being granted payment conditions with Net Terms. While some customers are receiving Net 30 terms, others are being created in our C&C tool with prepaid net terms due to the credit analysis results (meaning the wholesaler needs to prepay the invoice for us to submit the order to the warehouse).

While we work on an enhancement to ensure all net terms are pulled from the C&C Tool, we need your assistance for

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all customers with prepaid terms⁠

to be entered into the system. We must also collaborate with AR to clear the checks/ACHs that were made. The instructions are below for your reference:

1. RM/OFS reviews the customer/PO and determines the invoice needs to be prepaid

RM/OFS enters the information on rows A through H

Date of Request: Date when the PO was received and prepayment was sent to the customer.

Requested by/Assignee: Name of the person in charge of the order

Customer: Name of the wholesaler/distributor/international customer

Supplier: Name from the supplier (please make sure you enter the exact name that's currently listed on Cockpit)

Order Number: The SO# autogenerated by our system

Purchase Order Number: The purchase order number from the wholesaler/distributor/international customer

Pre-payment amount: The amount required for the wholesaler/distributor/international customer to pay

Payment Method: Enter the payment method (credit card, check, ACH/Wire, Melio)

Once the information has been entered on the sheet, our accountant will only fill out the rows I announced to confirm when and if the payment has been received. It is important to note that RM/OFS cannot proceed with the order until AR confirms receipt.

Once payment is received, the RM/OFS can issue the order and submit it to the warehouse.

When the order ships, the RM/OFS are required to enter the invoice date on row K

Our AR team will apply the payment and confirm completion by selecting "YES" on row L.

This email mentions the instructions and includes some FAQs on the

Net Terms Review⁠

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SOP⁠

. The SOP can also be saved on the G Drive—Operations—SOPs for future reference.

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