Accurate billing is extremely important when it comes to independent contractors and small business owners. You can't afford to lose a customer over something that should be done right the first time. Business owners who provide detailed, prompt invoices straight to the customer's inbox come out way ahead in the credibility stakes.
Along with the payment terms, you can specify whether you charge a late fee for invoices paid past their due dates. Some freelancers like this option, to enforce getting paid on time. You may also want to include your tax ID number in this area for tax purposes.