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. More details on these Late Fees here.
You can set Satago to automatically include the current actual Late Fees that could be charged for each of your invoices to your email or letter reminders. Alternative to the statutory late fees, you can set up your own custom late fees. Please see “How to use custom late fees”.
To include the Late Fees in email reminders sent to all customer, you will need to edit your account-wide default templates in Email Reminders.
Then you need to select the Email 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 that 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.
For example, the text from the Final Demand letter template (which you could just past directly in to your email templates) is:
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 for email reminders that are due to be sent. 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.