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Invoice late payment fee wording for Product quality

hello hello and welcome to the premier Ops spot I'm Cassie Hayes and this is my honeybook demo series designed to help bookkeepers vas and service providers like you decide confidently if honeybook is the right platform for you today we are talking about a really exciting new feature that honeybook just rolled out as of January 2024 late payment fees that are applied automatically so this is a very highly requested feature honeybook is amazing at collecting all of the feedback from their users and implenting the things that we ask for so this is one of the massive updates that they have made um amongst several others that they're rolling out this month so in this video I'm going to show you how and where you can add late payment fees to your invoices where to turn on the late payment emails and how to customize them and then where they will show up in the different automations so let's dig in now if you have a honeybook account you know that we have all of our templates directly inside your templates so I organize m all in different folders and you may have different multiple different smart files that you use to send to clients so if you want to turn on this late payment fee feature you're going to need to go into each one of those templates individually and make sure that the late payment fee setting is turned on so here's what it looks like here are some different invoices these are some pretty basic invoices that I use mostly for tutorials like this one and if you open up an invoice or any invoice page in any smart file you'll see that as you click on this block here sort of the white space around the invoice details this little screen on the right hand side will show up if you click on set payment options you'll see that there is a new option to turn on client pays late fee so we're going to toggle this on and then you'll notice that right here is where you can add the different percentage that you want to charge for whatever your late fees are so I'm going to put in a 10% late fee here we can remove that additional zero and then now what happens is any time that that client goes 30 days past the due date then they will be charged an additional 10% the great thing about this is that since it is per file or per invoice let's say you have multiple services that you provide if you want to adjust your late payment fee depending on what type of service someone's um purchasing from you you can do that so let's say I want this one to be 10% and I want a different service to be a 5% late fee then I can go over to that one and adjust it ingly and then honeybook is actually going to adjust that payment fee in all the different areas that you would want it to be updated so that you don't have to do it manually which is going to save you a ton of time if you're ever not sure what's going on or you want more information you can hover over the little info B button and it will pop up so this obviously is telling you anything that's 30 days past will incur a late fee fee um you can click here to learn more if you would like to but what's really great about this is if you want to add a late payment fee um Clause into your contract you can go into your contract and add a late fee um Clause now honeybook does have a clause that you can pull off their website of course just like I would honeybook recommends that you consult with your um lawyer just to make sure that this will be able to be upheld in a court of law but here is a sample for you this is the one that I used invoice amounts not paid within 30 days maybe subject to a monthly late charge and then this is a smart field so this is one of my favorite things about honeybook is that you can have a smart field and wherever you put that or wherever it's found it will automatically update and all of the information is linked so remember since this one we put the invoice fee late fee as 10% it will show up as 10% here but again if I wanted to change it to 5% on this file and 10% on a different file I could do that and honeybook would make sure that those things were all consistent across all the different places so the way that you add this into your contract is by inserting a smart field and then you would go to this drop down here and you can just start typing and if you type late it will pull up late fee so this is all I did was clicked this and then that amount will automatically show so we're going to remove that for now since it's already there and then you can see that on the payment page if it goes past last 30 days then that late fee will show up on their invoice and on their payment page now let's look at the late payment emails and how you can customize them so to find those you're going to go up top here to your icon and go to company settings and then you are going to go to preferences under preferences you'll see company notifications and payment reminders so you can have this to on or off for any of these different options what I did now that we have this late payment fee this one is new so I did turn this on and it is sent one day before the late fee is charged just to remind the client hey if you let this go one more day you'll be charged a late fee you can toggle again on or off overdue plus two days over two plus s days and use whichever ones you'd like now if you want to edit these you can just click into edit email and you can see here's the text so if you click directly in here you can edit anything you'd like what I did was I actually added this little paragraph in referring to the specific Clauses that are um pertaining to our late fees so we also have a clause that if a client does not pay within 15 days of the invoice date we will pause Services until we receive payment and then the second Clause is the 10% late fee Clause so I made sure that I put those actual Clause um notifications directly inside the email and then again honeybook makes it really easy because they pull in the smart Fields the project name due date and amount and then they already have this little disclaimer in this late payment fee um section that pulls in again that smart field so whatever amount that you put in that invoice is going to show up right here so you really don't even have to put it up in the top here because honeybook has already done that hard work for you which is so great now one of the things I also really appreciate is that you will notice this one is actually the email for due date today so if someone has not paid their invoice and it's due today they'll receive this email and you'll see that that Clause is still right there in the bottom so in every single payment reminder email now honeybook has added this Clause so that it's a reminder to your clients and hopefully motivating them to pay on time pretty excited about this update and the ways that it's going to streamline the process for me and if you need any help optimizing your honeybook account one to be able to um maximize all the different updates that they have made in January 2024 we do have a package for that so feel free to reach out or head to our website at . Premier opsp do.com and click on honeybook services and you'll be able to engage in our process so that we can help you integrate both this late payment fee option and all the other amazing features that honeybook is rolling out this year did this video definitely like And subscribe so you don't miss our future honeybook tutorials see you next time