When do Google Send Invoices?

Adwords advertisers would be receiving the invoice on the 4th business day of every new month.

Advertisers would be able to find the new invoice in the billing summary page. The payment accrued has to be paid within 15 days of invoice sent date. Failing to do so will end in termination of the adwords account of the advertiser.

http://www.google.com/adwords/learningcenter/text/19280.html#19282

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