What do we think about having a custom fixed late fee option for overdue invoices below a certain custom value.
Example : 20.00 dollar fee if the bill is below 1000.00 dollars & 2% if the bill is above 1000.00 dollars.
Percenatges are just not effective deterrents for late payments on smaller bills. In my region 61% of businesses are owed up to $50K in overdue invoices. This really hurts us SMEs. Fixed late fees are common and completely legal in most parts of the world as long as it is communicated in contract or the ordering process.