What does the term 'Master Bill' refer to in credit terms?

The term 'Master Bill' typically refers to a billing method where payment is made upon completion of services provided. This aligns with the notion of a payment due at service completion, as the 'Master Bill' often consolidates all charges for the services rendered into a single invoice that customers are expected to settle at the end of the service cycle. This approach helps streamline the billing process, allowing customers to see a comprehensive summary of their charges, which they can then pay in full upon service completion.

In this context, options that suggest payment before service or through a different invoicing method may not accurately reflect the nature of a 'Master Bill,' which specifically ties to finalizing payments after the services have been delivered. Additionally, the deferred payment options imply a delayed payment schedule, which does not align with the concept of settling payments immediately after the service is completed.