{"id":8502,"date":"2023-10-03T03:52:28","date_gmt":"2023-10-03T03:52:28","guid":{"rendered":"https:\/\/ownrblog-preprod.go-vip.net\/?p=8502"},"modified":"2023-12-07T13:12:37","modified_gmt":"2023-12-07T13:12:37","slug":"charging-late-payment-fees-on-invoices","status":"publish","type":"post","link":"https:\/\/www.ownr.co\/blog\/charging-late-payment-fees-on-invoices\/","title":{"rendered":"Should You Charge Late Payment Fees On Invoices?"},"content":{"rendered":"<p><a href="\&quot;https:\/\/www.ownr.co\/blog\/invoicing-basics-for-small-business-owners\/\&quot;"><span style=\"font-weight: 400;\">Small business invoices <\/span><\/a><span style=\"font-weight: 400;\">may not always look alike, but the information on all of them is generally the same. After filling out your personal information, scope of work, total cost plus any additional tax, you\u2019ll likely see the option to bill for late payment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Often listed as part of the <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/payment-terms\/\&quot;"><span style=\"font-weight: 400;\">payment terms<\/span><\/a><span style=\"font-weight: 400;\"> and conditions of your contract, charging late payment fees is a practice that many <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/make-your-list-and-check-it-twice-an-annual-checklist-for-small-business\/\&quot;"><span style=\"font-weight: 400;\">small business owners<\/span><\/a><span style=\"font-weight: 400;\"> abide by, especially since it means you\u2019re more likely to <\/span><a href="\&quot;https:\/\/www.entrepreneur.com\/article\/302037\&quot;"><span style=\"font-weight: 400;\">be paid sooner<\/span><\/a><span style=\"font-weight: 400;\"> by your client.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This article will offer an overview of why charging for late payment fees may be a financially savvy move for your business, and how to go about doing it properly.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why charging late payment fees can be a good idea<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Generally, billed invoices are paid in 30 days. However, if you\u2019re a <\/span><a href="\&quot;https:\/\/hbr.org\/2017\/08\/how-freelancers-can-make-sure-they-get-paid-on-time\&quot;"><span style=\"font-weight: 400;\">freelancer<\/span><\/a><span style=\"font-weight: 400;\">, or are outsourcing your services, that client may take even longer to pay you. Not being paid on time is a frustrating problem that unfortunately, is all too common for many small business owners.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re tired of waiting weeks, or even months, to be paid for the services you provided, charging late payment fees could alleviate some of your grievances. Here\u2019s why:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>You\u2019ll get paid sooner\u2014<\/b><span style=\"font-weight: 400;\">Late payment fees could persuade the client to pay you on time, or risk paying you more in the process.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>They show you mean business\u2014<\/b><span style=\"font-weight: 400;\">Late payment fees show that you, as a small business owner, won&#8217;t tolerate being taken advantage of, especially when you deliver your end of the bargain!<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>You might make even more money\u2014<\/b><span style=\"font-weight: 400;\">After sending your invoice, you\u2019ll be paid, regardless. But if you add those late payment fees and the client doesn\u2019t respect your payment terms, you might even make more money.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Can you charge<\/span> <span style=\"font-weight: 400;\">interest on unpaid invoices?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you haven\u2019t yet received payment, you might consider billing for interest, in addition to the amount that you already invoiced for. Charging interest on unpaid invoices is <\/span><a href="\&quot;https:\/\/laws-lois.justice.gc.ca\/eng\/acts\/i-15\/page-1.html\&quot;"><span style=\"font-weight: 400;\">perfectly legal<\/span><\/a><span style=\"font-weight: 400;\">, so long as you obey the law.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A good relationship with your customer should always remain your key focus, as you don\u2019t want to jeopardize the business relationship over a few extra dollars. Nonetheless, if you plan on charging interest on unpaid invoices, make sure that the amount to be charged is clearly stated on the original invoice, as well as within the contract, so that all parties understand the conditions of the agreement.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What should you include on an invoice for payment terms?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Your payment terms should be clearly defined. Foremost, they should include the going rate for the completed project (whether that is an hourly rate or a set fee), payment terms (such as Net 30 or invoice due date), and how the customer can make a payment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if you would prefer a cheque mailed to your place of residence, or business address, include the appropriate information, including the postal code. If you prefer a direct deposit into a bank account, you\u2019ll need to include your banking details, including the branch number, the institution number, the transit number, and finally, the account number.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s important to remember that payment terms and late payment fees are two entirely separate things. Payment terms refer to when and how you\u2019d like to be paid, whereas late payment fees are a friendly<\/span><span style=\"font-weight: 400;\">\u2014<\/span><span style=\"font-weight: 400;\">yet assertive<\/span><span style=\"font-weight: 400;\">\u2014<\/span><span style=\"font-weight: 400;\">reminder to your client that there are financial penalties, should they not pay in time.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How long should you give someone to pay an invoice?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Opinions vary on how long you should give someone to pay a due invoice, but they can vary from <\/span><span style=\"font-weight: 400;\">&#8220;net 10&#8221; to &#8220;net 90&#8221; or &#8220;net 120.&#8221; \u201cNet 30\u201d is the most common payment term. This means that payment is due 30 days from the time you file the invoice. Some invoices also enforce a clause with a \u201c<\/span><a href="\&quot;https:\/\/www.tpsgc-pwgsc.gc.ca\/recgen\/txt\/taux-rates-eng.html\&quot;"><span style=\"font-weight: 400;\">payment on due date.<\/span><\/a><span style=\"font-weight: 400;\">\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For small business owners who work with the same clients on a rotating basis, you may be able to offer a degree of flexibility in your payment terms. If you have the cash flow to do this, it can ultimately only help strengthen your existing business relationship. For example, if a client you have worked for before asks for a grace period of 10 days on your Net 30 invoice stamp, you might consider it, knowing you\u2019ll likely work together on additional projects. Giving customers a month to pay you is a standard practice and a good starting point. Using a range that is too long could be challenging, especially if cash flow is tight and you need income as soon as possible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Establishing payment terms ensures the client is aware of a deadline for payment, and if that deadline is not met, late payment fees may ensue.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How much can you charge for late payment of invoices?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There\u2019s no golden rule on how much you should charge for late payment of an invoice, but there is a maximum amount that you are legally allowed to. A lawyer can help you decide on what a fair percentage is, and they can include it in your payment terms on the contract you send to your clients. One thing to always keep in mind is that charging these late payment fees should never be looked at as a means to earn more money from your client. But it should be a motivator for clients to pay you in a timely fashion.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is the standard late fee on an invoice?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Standard late fees and standard maximum legal late fees are two different things. Maximum fees vary by province, but as a starting point, many small businesses charge between 1.0 and 1.5 per cent per month on top of the invoiced rate. It\u2019s important to remember that whichever rate you choose to charge on the invoice for late fees should always match the details of the original contract, to avoid confusion and potential legal troubles.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How do you calculate late fees on an invoice?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Calculating late fees on an invoice is relatively simple. You can choose to calculate these percentages manually or, if math isn\u2019t your strong point, you might want to <\/span><a href="\&quot;https:\/\/www.thebalancesmb.com\/best-accounting-software-for-small-business-3967626\&quot;"><span style=\"font-weight: 400;\">download accounting software<\/span><\/a><span style=\"font-weight: 400;\">, which will automatically add the percentage to your total. Just remember to keep a record of these charges in a personal spreadsheet, along with your original <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/purchase-order-po\/\&quot;"><span style=\"font-weight: 400;\">purchase orders<\/span><\/a><span style=\"font-weight: 400;\">, so that when tax season arrives, you have a record of any changes to your invoices.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">3 tips for charging interest and late payment fees<\/span><\/h2>\n<p><a href="\&quot;https:\/\/www.business.com\/articles\/charging-interest-and-late-fees\/\&quot;"><span style=\"font-weight: 400;\">Charging interest and late fees<\/span><\/a><span style=\"font-weight: 400;\"> on top of your regular rates could mean the difference between being paid on time or waiting for weeks or months to receive compensation for your services! The following tips will show you how to charge interest and\/or late fees without hurting business relationships, or taking up too much of your own time.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">1. Hire an accountant or use accounting software<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Having a <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/accounting-bookkeeping-whats-the-difference-and-why-do-i-need-them\/\&quot;"><span style=\"font-weight: 400;\">trained accountant or bookkeeper<\/span><\/a><span style=\"font-weight: 400;\"> calculate your late fee percentages ensures no mistakes will make it onto your invoice, and all legal terms will be correct. Most accounting software has preloaded invoices, as well as late fee calculators embedded into the programming.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Calculate the best interest rate<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Don\u2019t just guess, or pick a random number. Arrive at a fair and reasonable price by first deciding on the annual interest rate,<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Gather any required forms or paperwork<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If a client isn\u2019t paying you on time, you can also first try sending what\u2019s known as a <\/span><a href="\&quot;https:\/\/educaloi.qc.ca\/en\/capsules\/demand-letters-giving-notice-before-taking-legal-action\/\&quot;"><span style=\"font-weight: 400;\">demand letter<\/span><\/a><span style=\"font-weight: 400;\">. These documents are essentially letters in which one party demands payment from the other party (the client) before taking legal action, or enforcing the late payment fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Charging late payment fees on invoices is not mandatory, but it could help to ensure that you\u2019re paid on time for your services. If you do plan on tacking on the extra charges to your client\u2019s bill, always clearly outline the terms and conditions of the business agreement in a contract.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is charging a late payment fee on an overdue invoice okay? For small businesses owners chasing clients who don\u2019t pay on time, it could be the ultimate solution! <\/p>\n","protected":false},"author":5,"featured_media":8503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[973],"tags":[221,320,538,539],"class_list":["post-8502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-taxes-insurance","tag-contract","tag-freelance","tag-payment","tag-payment-terms"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Should You Charge Late Payment Fees On Invoices? | Ownr Blog<\/title>\n<meta name=\"description\" content=\"Is charging a late payment fee on an overdue invoice okay? 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