charge account
Definition
Trade credit facility under which goods are delivered or services are provided to creditworthy customers, who agree to pay for them a certain period (commonly 30 days) after the date of invoice. Each customer normally has a 'credit limit' beyond which goods or services are provided only on cash basis. Tardy customers may have to pay a certain rate of interest on the outstanding amount as a penalty. Also called credit account. See also open account.
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