Late payments

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nickelec

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Do any of you guys here charge a fee for a late payment , for instance .
you send an invoice out on September 21st and on the bottom of the invoice it says if not paid within 30 60 or 90 days a late fee of so and so will be charged

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Companies like Visa and Mastrercard can get away with that. Any late payments or non-payments to them flag you as a poor or late payer and affect your credit score. That said, at your level you don't have that kind of clout and IMHO charging interest on late payments is one of the fastest ways to lose a customer. You're better off dunning them until you finally get paid. If you're not getting paid and they owe you $10K+, check with your lawyer to see if you can place a lien on their property if it comes to that.
 
goldstar said:
Companies like Visa and Mastrercard can get away with that.
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CC companies lobbied for any numerical figure they foist on debt holders, which by proxy is a biz standard >>>>Terms - 30 days net 1.5% per month past it can accrue , just like THEY do


If you're not getting paid and they owe you $10K+, check with your lawyer to see if you can place a lien on their property if it comes to that.
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One doesn't need a lawyer, spend an hour in any reg of deeds and read a few, spend an hour googling, it's simple, and one can post it against ALL properties a deadbeat owns , prudent, cuz they have to market to make good. Best to have it perfected first

Under 5K (depending on the state) is sm claims, which is where having 'terms' on an invoice pays off
Sm claims is designed for a lawyers less public ,appropos considering most legal fees exceed the amount owed.

~RJ~
 
nickelec said:
Do any of you guys here charge a fee for a late payment , for instance .
you send an invoice out on September 21st and on the bottom of the invoice it says if not paid within 30 60 or 90 days a late fee of so and so will be charged

Sent from my SM-G950U using Tapatalk
Click to expand...
Good practice is to be consistent and send statements in timely fashion with late fees documented on them. If you send a statement at 45 days, then at 120 days you are showing them you aren't paying that close attention to things either - and I find myself caught in that situation sometimes, easy to do with the smaller jobs when you get busy at times.

ptonsparky said:
Yes, but I don’t quibble if they eventually pay up without the fees.
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Correct. If they pay you but exclude any late payment fees, you are likely depositing their check and not returning it stating it was for the wrong amount.
 
nickelec said:
Do any of you guys here charge a fee for a late payment , for instance .
you send an invoice out on September 21st and on the bottom of the invoice it says if not paid within 30 60 or 90 days a late fee of so and so will be charged
Click to expand...

i'm much worse than that.
any invoices not paid within 30 days must be paid in full before further work is done.

and if they don't send money, i send the accounting office a really sad picture
of what unpaid electricians look like.

oddly enough, that works. sometimes i get a puppy picture back, but in the last six years,
i have only been shorted $500. i've always gotten paid for my work.

anyway, here is the devastating "unpaid electrician" photo. works every time.

UnpaidElectrican.jpg
 
Fulthrotl said:
i'm much worse than that.
any invoices not paid within 30 days must be paid in full before further work is done.

and if they don't send money, i send the accounting office a really sad picture
of what unpaid electricians look like.

oddly enough, that works. sometimes i get a puppy picture back, but in the last six years,
i have only been shorted $500. i've always gotten paid for my work.

anyway, here is the devastating "unpaid electrician" photo. works every time.

View attachment 21234
Click to expand...

lol!...i think i need a tissue :) ~RJ~
 
nickelec said:
Do any of you guys here charge a fee for a late payment , for instance .
you send an invoice out on September 21st and on the bottom of the invoice it says if not paid within 30 60 or 90 days a late fee of so and so will be charged

Sent from my SM-G950U using Tapatalk
Click to expand...


For any work that's contracted I state in the contract that a late fee will be charged at the highest amount that the law allows.

In most states it's really not that much but most people don't know that.
 
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