How to add Late Fees to Reminders?
Under UK and EU law, you have the right to charge your business customers compensation and interest when you are paid late.
You can set Satago to automatically include the current actual Late Fees that could be charged for each of your invoices, to your Reminders. Alternative to the statutory late fees, you can set up your own custom late fees.
To include the Late Fees in email reminders sent to all customers, you will need to edit your account-wide default templates in Invoice Reminders.
Then, you need to select the Reminder to which you wish to add the Late Fees. To include the live Late Fees you need to use the Late Fees snippet: $InvoiceLateFees$. You can also tell your customer the total they now owe including the Late Fees using the snippet $InvoiceAmountDue$.
If you put your cursor in the email template at the point you wish to insert Late Fees, you can use the snippet menu to insert the snippet directly. You can also just type "$" and the snippet drop down menu will come up.
For example, the text in the Final Demand email template (which you could just paste directly into your email templates) could be:
Under the Late Payment of Commercial Debts Regulations (2013), we have the statutory right to claim compensation and interest on all overdue debts. The total amount of compensation and interest for invoice $InvoiceNumber$ currently amounts to $InvoiceLateFees$. The total amount now due is, therefore, $InvoiceAmountDue$.
Once you have saved your templates, you will be able to preview this change. A preview will always show you the Late Fees that are due today – the actual number will change on the day the reminder is sent.
Remember - Late Fees can only be charged in B2B transactions, therefore, if you have a mix of private customers as well as businesses, you will have to make sure that only your business customers receive reminders with Late Fees. Late Fees added to private customers will appear as £0.00.