EOM means end of month. Most routes are paid out 45 days EOM or end of month.
For example for your January 2014 traffic that is paid 45 days EOM you can expect your wire transfer to be send soon after the 15th of March. You will get your paid at the same time for your traffic at the start of January as the end of January. So your worst case scenario is you could wait up to two and a half months to get paid.
For payments that are factored by us like 7/7 or 7/1, 7/7 means you get paid every 7 days, with a 7 day lag. 7/1 means you get paid every 7 days with a 1 day lag.