Making sure you can justify your late fees!
Setting a late penalty is strategic, as it needs to be high enough to motivate payment, but also justifiable for the time spent getting the Resident to pay their bill. It also shouldn't be so high that the Resident gives up on paying altogether. Some markets have maximums on the allowable amount to assess, and we encourage you to research local regulations and consult your attorney before determining a late fee amount.
Legal Disclaimer: Follow local ordinances and regulations before assigning residents any amount of the admin fee or late fee. Consult your attorney if you’re not sure what the allowable fee amounts are.
Tip: Visit the Fee Setup article for more assistance updating or changing the Late Fee