Late Fees Setup
Use the Late Fee area to charge
your customers who are 30 days or more past due on their invoice
balance. You have the option to charge a flat fee for each 30 days they
are overdue or charge an Annual Percentage Rate (APR), calculated on
the balance that is overdue. Your local and/or state laws may dictate
which option you can choose and the maximum you may charge your overdue
Enabling Late Fees
The Late Fees panel in Shop Data Setup is
where you enable/disable the late fees function. To
enable Late Fees, check the Apply
Late Fees checkbox and then setup the Late fees options
enabling the late fee feature, you must consult your local and state
regulations regarding late fee practices. Please be advised that
Mitchell 1 is not responsible for ensuring your compliance with state
and/or other law regarding the assessment of late fees or other
interest charges on outstanding invoice amounts. Mitchell 1 will not be
held accountable for any misuse and/or failure to comply and will not
be responsible for any consequential financial or legal implications.
Mitchell 1 strongly recommends consulting legal counsel to ensure your
practices are in accordance with state and/or other laws regarding late
fee disclaimers and the pursuit of customer acknowledgement of
potential late fees at the time of estimate, RO, or invoice.
- Apply Late Fees- Enables Late Fee tracking in your
- Account- The account to which late fees revenue
will be applied.
Reminder Day- Choose between the 1st and the 15th of the month for the
day in which the fee reminder message will appear when the program is
the program is not opened on the selected day, the reminder will appear
on the following day in which the program is opened.
- Fee Assessment Options- Choose Flat Fee and enter a
dollar amount to charge a flat dollar amount to all late (over 30 days)
accounts. Choose Percentage
of Balance to
apply a calculation to the overdue account. The rate will be
deteremined by multiplying the Percent (ARP) filed by 30/365.
may also "cap" the fee by specifying a Max. Fee $ and
specify a minimum late charge by specifying a Min Fee $.
It is essential for you to consult your local and
state laws as they may regulate your methods of charging late fees.
Update your disclaimer section to warn your customers of the
possibility of late fees, should they owe a balance 30 days past the
invoice post date.
Late fees must be applied
individually using the Utilities/Late Fees
Assessment menu selection. Refer to Late
Fees Assessment for details.