Late Fees

[tmiklethun]

Does anyone have it in their policies charging a late fee or interest if the the invoice is not paid on time?

Is there a standard amount to charge, ect?

Thanks

 

[Shane Deubell]

Have to check the rules of your state, feds have some but some states have stricter rules.

Never have charged one before.
Couple times i should have !

 

[Mikey P]

Our invoice states 1.5% after 30


Never inforced it

 

[Papa John]

Most people will just ignore the policy-- it will only help IF you have to go to court.

 

[Lee Stockwell]

On commercial accounts that drag their feet offer a discount for quick or immediate payment.

Charge them full price, so they can choose the discount if it's important to them.

 

[TomKing]

We do for Water after 30 days 1.5% it is in our contract. I have charged it a couple times.

It is a great tool to call the client and tell them the insurance company is dragging their feet. They some how come up with the money quickly.

Commercial is a crap shoot some you can use that with others will just walk.

If you did that with restaurants they would kick you to the curb.

 

[WillS]

Commercial accounts are charged a $25 late fee after 30 days of non-payment. After that 2% late fee for 45 days (on top of the $25 fee) and so on. Sometimes these huge corporate HQ's in New York, etc. seem to throw you at the bottom of the pile. Once you call and remind their rep signed this agreement on their contract that late fees are applied, your check arrives in the mail within 3 days.

 

[Desk Jockey]

If you gave them a discount as Lee mentioned they might move you to a faster paying pile. 3-5% if paid in 10-days.

 

[Willy P]

If you gave them a discount as Lee mentioned they might move you to a faster paying pile. 3-5% if paid in 10-days.

Piss on that. I don't take credit cards because of the scooping off of my hard work. Why should I give a rebate? Beides, they'll just backdate the cheque.

NO

 

[Desk Jockey]

Piss on that. I don't take credit cards because of the scooping off of my hard work

Willy...willy...WILLY wake the fook up!

 

[Willy P]

Willy...willy...WILLY wake the fook up!

Good advice - from Sleeping (not a) beauty!