I have tested with the formula you provide, and I do not seem to reproduce this issue.
Try adding a parentheses mark around the IF conditions to generate string:
https://support.microsoft.com/en-us/office/examples-of-common-formulas-in-lists-d81f5f21-2b4e-45ce-b170-bf7ebf6988b3
="https://www.example.com/some/path?"&(
IF(ISBLANK([var1]),
IF(ISBLANK([var2]),
IF(ISBLANK([var3]),[Payment Term QS],
CONCATENATE([var3],"&",[constant])
),
IF(ISBLANK([var3]),CONCATENATE([var2],"&",[constant]),
CONCATENATE([var3],"&",[var2],"&",[constant])
)
),
IF(ISBLANK([var2]),
IF(ISBLANK([var3]),CONCATENATE([var1],"&",[constant]),
CONCATENATE([var3],"&",[var1],"&",[constant])
),
IF(ISBLANK([var3]),CONCATENATE([var2],"&",[var1],"&",[constant]),
CONCATENATE([var3],"&",[var2],"&",[var1],"&",[constant])
)
)
)
)
Test outcome:
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