Late Fees for Invoices!
Invoicing just got a major upgrade! If you’ve been using our invoicing product, you know it already offers a robust set of features like sending recurring invoices and setting up automatic reminders. Now, there’s an exciting new addition to help manage your billing more effectively: automatic late fees.
Adding Late Fees to Invoices
The new late fee feature is designed to encourage prompt payments and help you recover costs when invoices are paid late. Here's how you can set it up and start using it:
Access Global Payment Settings: First, navigate to the global payment settings in your account. This is where you can manage all the features related to payments and invoicing.
Enable Late Fees: Look for the new option to add late fees. Simply toggle this option on to activate it.
Configure Late Fee Details: Once enabled, you can customize the late fee settings according to your needs. Set the amount to be charged, the interval at which the late fee will apply, and any other specific conditions. This allows you to have full control over how and when the late fees are applied.
Benefits of Using Late Fees
Encourage Timely Payments: By clearly stating that a late fee will be charged for overdue payments, clients are more likely to pay on time, which helps maintain your cash flow.
Automate Fee Application: Once set up, the system will automatically apply late fees according to your defined rules. This automation saves time and ensures that you don’t have to manually track down overdue payments.
Recover Costs: Late fees can help you recover the costs associated with late payments, such as administrative efforts and cash flow impacts.
Final Thoughts
Implementing late fees is a straightforward way to enhance your invoicing process, encouraging timely payments, and ensuring your business runs smoothly. With the flexibility to customize these fees, you can align them with your business needs and improve your overall payment collection strategy.
Stay tuned for more updates as we continue to enhance our invoicing tools and other features to better serve your business needs.
