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.