Throughout your journey, you will come across lots of expressions, abbreviations, and words that might be unfamiliar at first. To help demystify them I've decided to compile a list below, I will be adding to this as and when as needed.
Recommended Retail Price - RRP - the price you as the seller recommends that your product will be sold at, remember, this is just a recommendation and you can not decide what the retailer should retail your product at.
Terms and Condition - T&C's - usually this refers to your payment terms, the industry standard for the home & gift industry is 30 day's net but some larger retailers demand longer payment terms.
Payment terms - usually 30 days net for UK orders.
End of Month - EOM - also a payment term, for example, 30 days EOM would mean that you get paid at the end of the month after 30 days, if you invoiced a company on the 15th of November the invoice would fall due on the 31st December.
Settlement discount - some larger retailers demand that they get a 5-10% settlement discount when they pay their invoice on time, this is really tricky for small businesses and it's something you need to know before quoting a larger retailer but they often forget to mention this. Get around it by asking for their T&C's, delivery, and labeling requirements before quoting them anything as it's difficult to change the price further into the negotiations.
Proforma - payment to be received before the goods are shipped, normally your first order to a new stockist will be on proforma and I would recommend that all international orders are on proforma.
Carriage paid - a set amount where if reached you will offer free carriage, this is often higher than the minimum order amount. I would recommend that you do offer a carriage paid amount as pretty much every buyer I know hates to pay for carriage.