New Feature Alert: Late Fees on Invoices – Boost Your Cash Flow!
Clients being late on a payment can be a real hassle. Not only is having to collect payment tedious, but collecting a payment late may force you to incur unexpected expenses. With Late Fees on Invoices, you can ensure the burden is not solely carried by your business and that customers are motivated to complete payment on time.
Why Is This Feature Beneficial To Your Business?
Payment Motivator: By informing customers that additional fees will be charged for late payments, you create a strong motivator that encourages them to stick to the invoice’s due date and avoid the added expense.
Cost Efficiency: This feature allows you to pass any extra expenses you may incur due to late payments directly to the customer responsible for them, keeping your bottom line safe.
Greater Flexibility: By charging late fees, you can also offer more payment incentives, such as discounts on timely payments. These incentives can be withdrawn in the form of late fees once the invoice reaches its due date.
⭐️ How To Use Late Fees on Invoices:
Navigate to the Invoice Tab: In the Payment Section, click on Settings.
Enable Late Fees: Go to Payment Settings and enable the "Charge Late Fees" option, then click Manage.
Set Your Late Fee Parameters:
Choose your Late Fee Type.
Set the amount to be charged per date frame.
Fill in the Grace Period and Max Fee specifications.
Click Save.
Late Fees on Invoices ensure your revenue grows safely even if customers are late on their payments. This feature motivates them to pay on time, adds flexibility to what you can offer related to their payment frame, and provides a backup plan in case they don’t pay their dues on time.
