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Is it a fee or an ongoing interest penalty? If a fee, then wouldn't it be 5% one time?
by randallsquared 11y ago
Is it a fee or an ongoing interest penalty? If a fee, then wouldn't it be 5% one time?
- pyre 11y agoA one-time fee incentives them to not pay late, but once they are already late, there is no more incentive since they have already incurred the 5% fee.
- mthomasb 11y agoIndeed, still exploring carrot and stick options here to get clients to pay on time. One nice idea we've come across is a trivial discount for early / on time payment (~1-3%). We've heard anecdotally that it helps!