Invoicing glossary
Late fee
A late fee is an extra charge added to an invoice when it isn't paid by the due date.
Late fee: a clear definition
Late fees encourage on-time payment and compensate you for the delay. They're often a percentage of the overdue amount or a flat charge per period. To enforce one, state the late-fee policy in your terms before the work begins and repeat it on the invoice. Rules vary by country and state: some cap late fees, and some (such as the UK) give businesses a statutory right to late-payment interest.
Late fee in Invco
No. Invco doesn't add late fees or send payment reminders. It does flag a sent invoice as overdue once its due date passes, so you can see which clients to follow up with and bill a late fee as a line item if your terms allow it.
Invco is invoicing software for people who run more than one company. Design your own invoice template or upload your existing invoice PDF, and Invco calculates subtotals, tax and totals, numbers each invoice sequentially and emails it as a branded PDF from your own address. Plans from $10/month.
Frequently asked questions
What is late fee?
A late fee is an extra charge added to an invoice when it isn't paid by the due date.
Does Invco add late fees automatically?
No. Invco doesn't add late fees or send payment reminders. It does flag a sent invoice as overdue once its due date passes, so you can see which clients to follow up with and bill a late fee as a line item if your terms allow it.
What is overdue invoice?
An overdue invoice is one that hasn't been paid by its due date.
Invoice the easy way with Invco
Design your invoice template, send branded PDFs from your own email address, and see what's paid and overdue for every company. Plans from $10/month, with a full refund within 7 days.
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