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Old 05-15-2009, 04:49 PM   #1
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Default Do you charge interest on late payments?

Hello Everyone!

How's everybody! I pray that all is well with you and yours....and business of course!!!

I was just wondering...does anyone charge interest for late payments???
And if they do....what is the percentage charged and the timeframe involved?

Thanks for your time!

God Bless!

Theo.
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Old 05-15-2009, 05:52 PM   #2
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I do but its not a set rate. I usually just send a late invoice with a fee tacked on, like 10% or whatever.

I have never collected a late fee though. I guess the people paying late blow it off, and I'm just happy to get my money.
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Old 05-15-2009, 06:53 PM   #3
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Technically it's in my contract, but I've never enforced it
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Old 05-15-2009, 07:49 PM   #4
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Quote:
Originally Posted by ProWallGuy View Post
I do but its not a set rate. I usually just send a late invoice with a fee tacked on, like 10% or whatever.

I have never collected a late fee though. I guess the people paying late blow it off, and I'm just happy to get my money.
Ditto

I have a minimum ie; 2%-5% or $10-$25

Never collected or enforced. Corporations won't pay it and everyone else just doesn't care.
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Old 05-15-2009, 08:01 PM   #5
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at the bottom of my invoices is the line:

terms: payable upon receipt. Balances unpaid after 30 days subject to 1.5% late payment fee per month.


and yes, I have billed people when late. I usually send a friendly reminder before the 30 days if they are tardy.



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Old 05-15-2009, 09:02 PM   #6
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A remodeler buddy of mine calls it the juice. And the interest rates are worse than those cash advance places. If no money after that he'll put 2 5er's of catfish he just filleted all around their home. probably not good for repeat business but he gets satisfatction. Only had to do it to one customer. All my invoices are paid in full at time of completion, worked out good so far.
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Old 05-16-2009, 01:06 AM   #7
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Thanks Guys!!!! This site is so amazing!!!! Everyone is always so willing to share advice and tips!!!! Why can't everything be like this in the world....everyone helping everyone?

Thanks again Guys!!!!

God Bless!

Theo
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