The intent of this article is to provide guidelines on charging late fee penalty to a customer account.
Share A Refund charges 1.5% penalty for late payment for the amount of Total Oustanding. This can change but must be in agreement with the customer.
Interest Calculation
For the first six columns, put the details as you can find on the website like the date and the amount outstanding.
If the status is Unpaid or Partial Due, the Period column will calculate the period outstanding based on the current date and interest rate on the last two columns. The interest or the late penalty charged will be shown in Interest Incurred column.
Main website
Create a separate invoice for the late payment fee to send to the customer.
