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Are you sure what terms govern the contract?
Sellers (and buyers too) often get it wrong and misunderstand the legal position. This does matter. Sellers frequently think that because they have printed their conditions of sale on invoices and statements their terms will govern the contract. It is certainly a good idea to print seller's terms on invoices and statements, but by itself this is not enough. What matters is what is agreed at the time that the contract is made. Invoices and statements are issued after this has happened.
A contract is made when an offer is unconditionally accepted. This does not have to be in writing, though it makes it clear for all concerned if it is. To be absolutely sure the buyer should have signed to accept your conditions of sale, either for just one order or in a general document covering all future business. It is not uncommon to be presented with 'buyer's terms and conditions' and if you sign them you will be bound by the buyer's terms. If neither side signs or agrees the other side's terms, it is probably the case that the last assertion of terms will prevail. It can all get very childish but it is the law.
There is no law that gives an automatic period of credit of 30 days or any other such period. The period of credit will be what is stipulated by the contract or agreement. It frequently happens that there are no terms because neither side has produced them. If this is the case, there probably is no period of credit and the invoice will be due for payment immediately after it has been issued, though (as with other points) custom and practice may be a factor.
If everything goes well, your terms and conditions may not matter much, but if things go wrong, it may be crucial that they have been accepted and govern the contract. For example, if you want to charge interest permitted by the terms or if you want to rely on a retention of title clause, you will probably have to show that the terms have been accepted. You will certainly have to do so if you are dealing with a liquidator or receiver.
Arbitration
Quite often there is no point in arbitration because there is nothing to arbitrate. Everyone knows that the money is owing and the only problem is that the customer cannot or will not pay within an acceptable period of time. In these circumstances you have to threaten legal action and be prepared to carry out the threat if necessary. A threat to offer arbitration does not carry the same conviction. On the other hand, arbitration may be worth considering if there is a real dispute and both sides believe that they have a case. Apart from anything else legal action usually ends a relationship with a customer, regardless of who wins. Arbitration may cause less ill feeling and allow scope for future trading.
Arbitration may be particularly suitable when a dispute is very technical or specialised. In these circumstances both sides may prefer to trust the judgment of an appropriate arbitrator. Some contracts contain clauses which specify that disputes will be settled by arbitration, and the law allows parties who are not bound by such clauses to choose to resolve a dispute by arbitration.