We'd all love our customers to simply pay on time, but occasionally we need to encourage on-time payment with late fees, penalties, finance charges or overdue interest. Paidnice can handle all of these calculations automatically.

In this article you'll learn about the different ways that Paidnice can calculate fees and charges. There are broadly two main ways that Paidnice can calculate fees: invoice-based, or statement-based.

These late fees are charged for each invoice in your accounting system, you would typically set a grace period and the late fee will apply once that grace period has expired after the due date.

If a customer has 5 overdue invoices, then they would get 5 late fees, one for each invoice, as it becomes overdue and the late fee applies. The late fees can be added to the original invoice, or a new invoice can be created for each late fee.

Read more about invoice based late fees here.

These late fees are charged for each customer in your accounting system, if they have overdue invoices that meet your criteria such as overdue age and balance. You can schedule these late fees weekly or monthly.

If a customer has 5 overdue invoices, then there would be a single late fee invoice created that includes the calculated late fees for all 5 invoices, itemized separately.

Read more about statement based late fees here.