Late Interest Payment Calculations
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Late Interest Payments
Making complicated rather simple.
Unlock money owed to you
In the UK, statutory late payment interest is a legal charge applied to overdue invoices. It compensates suppliers for delays, calculated at 8% plus the Bank of England base rate.
Late payment charges can be applied to invoices going back 6 years. Calculating these charges is very time consuming and complex.
GFTM will automatically calculate all later interest charges payble. It can cope with extended/ reduced payment times, and also if payments terms coincide with the end of a month rather than a set 30 day period.
You will be made aware of the historic amounts owed to you customer by customer, and in addition the amount owed in late payment fees on unpaid invoices. These two sets of amounts will also be incorporated into any debt chasing email, to give an added sense of urgency into customer payments.
Automated Statements
GFTM will provide you with fully calculated statements for any cutomer, showing invoice by invoice the issue date, due date, paid date and any interest owed for a 6 year period.
Automated statements can be downloaded and sent direct to customers.
The threat of these fees is often the necessary incentive to get customers to pay, and pay on time thereafter.
For some clients, such as local authorities and large corporations, these fees will be accepted and paid out.
But the fact that these fees are being included in some chasing emails will remind customers that they have a duty to pay on time.
