Late fees can be applied to an invoice in the event that an invoice is not paid on time. It can be a strong way to discourage late payments when invoicing.
Payment Bear enables you to apply two types of late fees; fixed administrative fees and an annual rate of interest (which is applied daily). When an invoice passes its term, late fees will be automatically applied.
You can apply late fees from the Details page when creating an invoice. Here you will see if you have any late fees actively applied and their respective values. To access the late fees page, simply press the late fees button.
Applying administrative fees
To apply administrative fees for the first time, use the following steps:
1. Click the toggle to activate Administrative Fees;
2. Enter the amount you would like to apply; finally,
3. Press the confirm button to save your changes.
Applying annual interest
To apply annual interest rates for the first time, use the following steps:
1. Click the toggle to activate Annual Interest;
2. Enter the amount of interest you would like to apply;
3. Press the confirm button to save your changes.
Toggling fees once an invoice is created
We appreciate that sometimes you may agree to waive late fees with certainly customers, even if they are paying late. If this is the case, you can toggle the late fees off from the invoice page in the Payment Bear App.
