What is the function of "Payment Terms"?

While creating a customer, we can see a field "Payment Terms" and we have the options "Net 15, Net 30, Net 45"... Just to clarify: what is that, I mean, what does "Payment Terms" do exactly? In addition, I'm from Brazil, so I have no idea what is the meaning of initials "Net" (like "Net 15" for example). Is it about working days? I've just generated a new invoice to myself for testing purposes and I could see that, if we leave the Payment Terms as "Due on Receipt", 1 day after the invoice shows a "Overdue" label on the left top. If we don't wanna keep showing it (customers could feel that they are "overdue" with that invoice but in fact they aren't) the only way is put like "Net 30"?

I have some questions else to ask you, so if you can reply here instead of having to create other topics, I appreciate. There we go:

- On Payments Received screen (in Settings), we have an option to create Custom Fields. What is the function of those Custom Fields and which scenario I could apply them?

- On Automation (still talking about Settings), we have 4 options: workflow rules, email alerts, field updates and webhooks. What is purpose for each them?

Finally, really really thank you for all your help and patience. Note that when we venture along some system which we are not familiar with and was developed by default in another language, we take a much longer time to digest and understand all the features, but we will overcome all difficulties and conquer the world!

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