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Good day, Ron,
You can definitely customize the terms on an invoice in QuickBooks Online. When you create an invoice there are terms available for you to choose, it will also allow you to add new terms.
really nice copy and paste
too bad it has nothing to do with the question, in the question the OP distinctly says vendor
invoices and terms are for customers
you create a vendor credit memo for the amount using an income account, that discount is your income
apply the credit memo to the bill, and pay the balance
early payment terms, IMO, only benefit the vendor, he gets paid quick, and you have taxable income