Understanding Invoice Late Payment Fee Wording for Procurement

Invoice late payment fee wording for Procurement

okay in order to add automatic late fees to invoices for customers we're going to go to the gear icon account and settings and then the sales tab you'll scroll down to where you see late fees we want to turn these on here is where you'll choose whether you want it to be a flat fee or percentage of remaining balance so we're going to set this to a flat fee fifteen dollars you can pick a frequency once per month otherwise it'll charge the fifteen dollars per month or per day or once per invoice you can give it a grace period so this means if we set it to five days then the late fees will start five days after the due date it's going to be listed in your products and services as an item the item is going to be called late fee we'll hit save and then in order to automatically have invoices sent to customers that include that late fee on their invoice we want to turn on reminders and we want to toggle this on we'll turn on reminder number one to say seven days after a due date we're gonna send a reminder you want to change this to say that the invoice is past due you can make this wording whatever makes sense to you i suggest adding a line in here that notifies them of the late fee and then we'll hit save once this is turned on automatic reminders are going to go out to all of your customers that have past due invoices you can also customize this per customer so if you go to customers and we'll select this one you'll see a section up here called late fees you can disable a late fee for a certain customer if you don't want to charge that particular customer late fees or you can customize a late fee and change it to a percentage a different amount remove it completely whatever makes the most sense for your business