Maksekorra

Maksekorra is a term used in Baltic financial contexts to denote the scheduled sequence and timing of payments linked to a financial obligation, such as an invoice or loan. It defines when payments are due, how often they recur, and when they are processed by banks or payment service providers.

Etymology and usage: The word combines makse, meaning payment, with korra, a form related to time cycles or periods. In Estonian, maksekorra appears in customer agreements, invoicing templates, and banking guidelines to refer to the payment arrangement governing a specific account or transaction. The term is not universally standardized and may vary by institution or country, leading to different formulations in contracts and systems.

Key components: A maksekorra typically specifies the due date or dates, the allowed payment methods, any grace periods, processing cut-off times, and how late payments are handled. It interacts with tools such as direct debit, card payments, or bank transfers and determines the settlement timing within the broader accounting cycle. The concept is used to coordinate the operational flow of payments in both consumer and business contexts.

Applications and implications: In consumer invoicing, a maksekorra may set a net-30 or net-60 payment term, with automatic processing on a scheduled day. In corporate finance, it can coordinate quarterly settlements and batch processing, aiding cash flow planning for buyers and sellers. Variations exist across jurisdictions and financial institutions, reflecting different policy choices about timing and processing.

See also: Payment terms, settlement, direct debit, invoicing.