Payment Policy | Standard Payment and Extended Payment Terms

April 15, 2026

Purpose

The purpose of this policy is to establish clear guidelines for granting extended payment terms to customers for new purchases and repair services. This policy ensures consistent credit practices, protects company cash flow, and manages financial risk while supporting customer relationships.

Scope

This policy applies to all departments involved in sales, service, repair, invoicing, and accounts receivable. It governs payment terms for:

  • New system purchases and parts sales
  • Equipment repairs or service work including repair part

Standard Payment Terms

The company’s standard payment terms are as follows:

New System Sales and Parts Sales:

  • All purchases less than $1,000 require  full payment and no use of extended payment terms.
  • All purchases above $1,000 require a 50% deposit and may use extended payment terms for the remaining balance.

Existing customers with payment history in good standing with MyTana will not be required to place a 50% deposit.

Repairs and Service Work:

Full Payment due upon completion of work.

Any exceptions to the above will need approval from the General Manager (GM).

 

Eligibility for Extended Payment Terms

Extended payment terms may be granted to customers who meet one or more of the following criteria:

  • Established customers with a positive payment history.
  • Customers with an approved credit application on file.
  • Customers whose account is in good standing with no overdue balances.
  • Customers whose requested purchase value exceeds standard thresholds requiring financing flexibility.

New customers requesting extended terms must complete a credit application and review process before approval.

Credit Review Process

Before approving extended terms, MyTana may evaluate:

  • Customer credit application
  • Trade references
  • Credit bureau reports
  • Payment history with the company
  • Current outstanding balances
  • Order value

MyTana reserves the right to adjust terms based on credit risk. We will conduct a periodic review of your credit limit based on payment history and account activities to ensure continued alignment with our credit policy.

Restrictions

Extended payment terms may be denied or revoked if:

  • The customer has overdue invoices.
  • The customer exceeds their credit limit.
  • The customer has a history of late payments.
  • Financial risk to the company is deemed excessive.

MyTana may place accounts on credit hold until past-due balances are resolved.

Documentation

All approved payment term extensions must be documented and recorded MyTana’s accounting including:

  • Approved payment terms
  • Authorization level
  • Supporting credit review documentation
  • Applicable order reference

Collections and Enforcement

Invoices not paid within the approved payment terms may be subject to:

  • Suspension of future orders or repair work
  • Credit hold
  • Collection actions if necessary

Policy Review

This policy will be reviewed annually by MyTana’s Finance Department to ensure it aligns with the company’s financial objectives and risk tolerance.

If you would like to apply for extended payment terms as outlined in the Payment Policy, please call our office for information on how to apply. 1-800-328-8170.