Account Receivable Terms (ART) are an agreement between buyers and sellers that determine when a payment for goods or services is due. This agreement typically includes a payment deadline, the frequency of payments, any late fees or interest to be charged, and the acceptable forms of payment available. By creating ART, businesses can reduce the risk of delinquency and make sure they get paid in a timely manner. ART provides flexibility and predictability to both buyers and sellers while allowing them to focus on building their respective businesses.