Financial & invoicing terms explained
Late fee
A late fee is a charge or interest applied after the payment due date according to published terms.
Disclosure
State rates, start date, and compounding rules in contracts or master terms - not only on the invoice footer.
Calculation
Simple or compound interest should match what you communicate. Use calculators for clarity.
Customer relations
Waive thoughtfully and document - repeat offenders may need stricter terms.
Late fee - FAQ
Legal caps?+
Many places cap late fees - disclose terms up front.
Simple vs compound?+
Your policy and calculator should match what you quote.
Waive fees?+
Document exceptions for finance consistency.