Here’s a situation no business owner or freelancer wants to deal with: invoices way past their due date. You’ve provided the agreed-upon service or product. You’ve sent out an invoice. You’ve waited and waited, and now it’s been months since you sent out the original invoice. Do you charge your customer a late payment fee in addition to pursuing the outstanding balance?
One of the toughest decisions businesses have to make is how to approach past due invoices. Freelancers and small business owners are particularly vulnerable to the negative effects of overdue payments. Why? Because when you’re running a business, multiple late invoices can negatively impact your cash flow and ability to run your operations.
In this article we’ll explore when you might need to assess late charges, how to create a late payment policy, and how to encourage prompt payments. Keep reading for a full explanation of late payment fees, or jump ahead to the section that directly answers your query.
What is a late payment fee?
A late payment fee is an extra charge fined against a client for not paying a bill by its agreed-upon due date. To charge a late payment fee, you must include payment expectations within your original contract or sales agreement. In addition, when charging a client a late fee penalty, the invoice provided must list the due date and the late fee percentage or amount.
What is a reasonable late payment fee?
Business owners have the option to charge a flat rate or a monthly finance charge, usually a percentage of the overdue amount. Companies typically assess a 1% to 1.5% late fee.
To calculate the interest rate for a late fee, you’ll first need to decide on the annual interest rate. Once you have your annual interest rate, divide that by 12. This number will be your monthly rate. Then you’ll multiply the monthly rate by the amount due to get the monthly late fee charge.
Let’s look at an example:
You charge a 12% annual interest rate. A $12,000 project is overdue for payment by one month. To figure out the monthly finance charge, you’d multiply the outstanding $12,000 by the monthly interest rate (1% or .01). You’d arrive at a monthly finance charge of $120. The new outstanding balance would be equal to $12,120.
Is it legal to charge late payment fees?
It is legal to charge late payment fees; however, as mentioned, you can only do so if the original contract allows it. There are also state-specific regulations and laws regarding the amount a business owner can charge for a late payment fee.
How to deal with late payments and unpaid invoices
When you don’t get paid on time, it can have a ripple effect on your business. Without money flowing in from services rendered, you might not be able to pay your suppliers or utility bills. This is especially true if you’re running on tight profit margins. You have a few different options to encourage clients to pay promptly: charge a late fee, use a payment plan, or offer an extension.
Charge a late fee
One way to handle unpaid invoices is to charge a late fee. Remember: Pay attention to usury laws in your specific state or seek out legal advice if you’re unsure of the maximum interest you can charge.
Use a payment plan
In some cases, a customer might hit a financial rough patch and be unable to pay their invoice by its due date. Instead of charging a late fee, you can offer customers a payment plan.
Payment plans should clearly outline the minimum amount of payment required along with any interest rate charged for the outstanding balance. A customer can continue to make the minimum payments each month to avoid having a bill in collections.
Offer an extension for first-time late payments
- If a customer regularly pays on time but doesn’t have enough money to pay one month, consider offering an extension to the next month. You can also implement extended payment terms in 60-, 90-, or 120-day time frames so customers have more time to pay in full.
Invoice management tips
- Maintaining well-managed invoices is the first step to ensuring you get paid on time.
Use automated invoicing
- Rather than waiting on snail mail, you may want to consider automated invoices to limit the number of late payments you receive. Automated invoicing allows you to quickly send out invoices, which can save you precious time and effort. If you have clients you bill regularly, you can also set up recurring billing to automate recurring payments.
Keep track of unpaid invoices
It’s a good idea to get into the habit of keeping tabs on unpaid invoices . After all, you’re going to have a hard time collecting past due payments if you don’t know they’re past due in the first place. To avoid losing out on money you’re owed, track your invoices and follow up on late ones.
- Regularly tracking invoices can help you create a healthy cash flow and ultimately help boost your net profits. An easy way to track and manage your invoices is by using accounting software like QuickBooks.
Send payment reminders
Payment reminders can be an effective strategy to resolve overdue payments. Payment reminders are a less aggressive way to request the money you’re owed instead of going straight to a collection agency.
Deciding between sending an email or mailed reminder? Well, email reminders are quick and easy to send compared to mailed reminders, which require postage and delivery time.
- Make sure your invoice reminder includes accurate contact information for your company’s billing department. It’s important to make it as easy as possible for your customer to reach out to you. In the event of issues with an invoice, like making a payment deadline or reporting a billing error, easy-to-find contact information streamlines the resolution process.
Expand your payment options
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Inflexible payment options can be one reason a customer doesn’t pay an invoice on time. Consider expanding your payment methods so customers have plenty of ways to settle up. Do you accept credit card payments from all credit card issuers, including American Express and Discover? If possible, let your customers pay with cash, credit cards, electronic funds transfers, checks, third-party payment systems, and wire transfers.
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Offer flexible ways customers can send you their payment information, too. Some customers might feel more comfortable dropping off a physical check at your storefront or giving their credit card information over the phone.
Offer discounts for prompt payment
Sometimes it’s better to lead with a carrot than a stick. Consider offering a small discount, 1% or 2% of the bill, in exchange for payment within 10 days or a time period you prefer. Discounts in exchange for early payment also may help lower the number of late invoices.
How to create a late payment policy
Want to make sure your business is protected from delinquent accounts? Here’s our step-by-step guide for creating a late payment policy for your business.
1. Send out an invoice with late payment policy
Make sure the invoice lays out the details of late charges up front. It should also lay out the payment terms and the number of days the customer has to make the payment.
Include details like the invoice creation date, payment terms, total amount due with tax, product or service rendered, contact information, business name, and payment due date. Accounting software from QuickBooks can automate these details for you.
2. Send out payment reminders
You can send an email invoice directly after the transaction occurs and a follow-up email if the bill goes unpaid after a certain period. A payment reminder should nudge the customer politely to call attention to the upcoming invoice obligation.
3. Charge a late fee for a delinquent payment
If a customer still has unpaid invoices, send another reminder with the late charge that details the total outstanding balance. Give a deadline for payment with a warning that you will be forced to consider your legal options in claims court if the overdue payment isn’t settled.
A debt going to a collection agency has serious consequences. It can lower a customer’s FICO credit score and be a serious blemish on their credit history. As a result, the prospect of facing these consequences can prompt a customer to take the invoice seriously. Hopefully, though, your past due invoices won’t get to this escalation point.
Wrapping up: Late payment fees and their impact on business
Everybody wants to be paid on time. But late invoices might be a problem you have to face head-on. If you’re struggling to collect payments on time, consider changing your terms of payment or altering the late payment language on your invoices. It’s also a good idea to use automated invoicing systems and accounting software like QuickBooks. Business owners can use QuickBooks to manage all invoices and track down missing payments more easily.
QuickBooks Money is a new money management tool from QuickBooks available without a subscription. Use QuickBooks Money to send and track instantly payable invoices, accept digital payments, and get paid faster.
This article originally appeared on the Quickbooks Resource Center and was syndicated by MediaFeed.org.
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18 loans for Hispanic-owned businesses
There are nearly 5 million Hispanic-owned businesses in the U.S., making this the fastest-growing segment of U.S. small businesses, according to the U.S. Small Business Administration (SBA). Yet, despite these big numbers, Hispanic and Latinx business owners frequently face challenges accessing capital and, as a result, often can’t successfully scale their businesses.
Fortunately, a number of organizations and government agencies in the U.S. are stepping up to address this unmet need, offering loans, grants, and other financing options to Hispanic and other minority entrepreneurs. These minority business loans may have lower interest rates and be easier to qualify for than some traditional loans. Here are 18 financing options that are worth checking out.
(Learn more: Personal Loan Calculator)
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To qualify as a Hispanic-owned business, more than 50% of the company must be owned by people of Mexican, Puerto Rican, Cuban, or other Hispanic origin. Currently, nearly one in four businesses are Hispanic-owned.
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A minority business loan is a small business loan designed to provide financing options for underserved communities. While minorities are free to apply for any business loan, minority business loans may offer more competitive rates and have less stringent qualification requirements.
Groups that are considered minorities in the U.S. include African Americans, Asian Americans, Hispanic Americans, and Native Americans. Women are also considered minorities for many types of loans, as well.
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The following lenders offer different types of small business loans to Hispanic and minority entrepreneurs and were chosen based on our analysis of search volume.
1. Accion
Accion is a nonprofit financial institution that invests in underserved communities and offers low-cost lending opportunities to Hispanic- and minority-owned businesses. The Accion Opportunity Fund provides loan amounts from $5,000 to $100,000, and is quick and easy to apply for online.
Accion offers two types of small business loans — the Southern Opportunity and Resilience (SOAR) Fund and the Small Business Progress Loan. SOAR is geared toward those in the south and southeast who experienced economic hardship from the COVID-19 pandemic and have been in business since September 2019 or earlier. The Small Business Progress Loan, on the other hand, is open to all minority-owned businesses and women entrepreneurs, and is partnered with American Express.
Accion also offers online resources, events, and networking opportunities (in Spanish and English) to help minority business owners learn and grow their companies.
(Learn more at: Home Affordability Calculator)
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The Community Development Financial Institutions Fund (CDFI Fund), which is part of the U.S. Treasury, gives funds to companies and organizations that help underserved people and communities. Minority business owners can reach out to local banks and nonprofit groups that have received CDFI funds to discuss and apply for low-cost business loans.
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The owners of Camino Financial were inspired to start their lending business in order to help people like their mother, who lost her Mexican restaurant business when they were children. To that end, they offer simple and affordable loans to small businesses who find it difficult to borrow through banks. They offer bad credit loans, secured and unsecured loans, microloans, and working capital loans up to $35,000. To qualify, your business must have been in operation for at least nine months and generate annual sales of $30,000 or $2,500 a month.
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The U.S. Small Business Administration (SBA) offers several financing programs that can help minority-owned businesses get access to the funding they need. Here are two programs you may want to check out to find a Hispanic small business loan:
Microloans
The SBA microloan program is administered by an intermediary network of nonprofit community-based lenders, rather than traditional banks. Through these lenders, the SBA aims to reach lower-income communities and minority-owned businesses that are often overlooked by traditional lenders. These loans come with low interest rates, six-year terms. and loan amounts up to $50,000.
Community Advantage Loans
The SBA’s Community Advantage loan program provides up to $350,000 in capital and is specifically designed to meet the needs of business owners in underserved communities. To qualify for an SBA community advantage loan, business owners need to have good credit and a strong business plan. However, the business’s balance sheet and amount of collateral will not affect eligibility.
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By offering crowdfunded loans with 0% interest, nonprofit Kiva is working to lift barriers to capital often faced by entrepreneurs from underserved communities. To apply, you need to market your Hispanic business to the community of 1.9 million individual lenders. These lenders can then choose to lend your company as much as $15,000 and you’ll have up to three years to repay them.
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CDC Small Business Finance is a nonprofit whose mission is to provide access to affordable and responsible capital to underserved entrepreneurs, including minority, veteran, and hispanic business owners. CDC offers loan amounts of $20,000 to $350,000 with five- to 10-year terms. They also offer SBA 504 commercial real estate loans of $250,000 to $40 million.If you are looking for advice to rebuild your credit, develop your business strategy, or manage financial reports, you’ll appreciate having access to small business advisors through CDC.
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Grameen America strives to achieve racial and gender equity by providing microloans of up to $2,000 to female and minority business owners. As part of their program, borrowers can open free savings accounts with commercial banks and build personal credit as they pay off their microloans. Grameen also offers training and support to women who want to start businesses and rise out of poverty.
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The Latino Economic Development Center (LEDC) offers Hispanic small business loans of $500 to $250,000 that can be used to purchase equipment, expand a business, hire staff, or purchase inventory. The three types of loans offered by the LEDC are as follows:
- LEDC Growth Loan: Loan amounts up to $250,000 for established small businesses that have been in operation for a minimum of two years.
- LEDC Startup Loan: Loan amounts up to $20,000 for new businesses with less than two years of business history.
- LEDC Seed Loan: Loan amounts up to $5,000 for businesses with less than one year of experience and with plans to launch a company within three months of funding.
LEDC also offers free business advice and credit-building services, as well as a directory of latino-owned small businesses.
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The National Association of Latino and Community Asset Builders (NALCAB) provides funding to a network of over 200 nonprofit organizations that serve diverse Latino communities throughout the U.S. With NALCAB support, these partner organizations offer Hispanic loans, grants, professional training, and support.
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Hispanic small business loans aren’t the only way for your business to get funding. There are also minority business grants that can provide capital that you don’t have to repay. These grants are offered by federal and local government agencies, corporations, and nonprofits.
10. Grants.gov
Grants.gov is the largest database of federal grant opportunities. While most grants are not specifically targeted to Hispanic small business owners, awards are available for all types of entrepreneurs, especially those focused on healthcare, U.S. defense, and environmental protection.
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digitalundivided’s BREAKTHROUGH Program (powered by JPMorgan Chase’s Advancing Black Pathways) offers $5,000 grants to Black and Hispanic women in the Dallas, Texas area. digitalundivided also provides training and resources to help businesses understand their customers, find financing, and choose the right business model.
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The National Association of the Self-Employed (NASE) works to provide resources for all self-employed individuals, including Hispanic business owners. They offer Growth Grants of $4,000, which can be used for a variety of business expenses, including marketing, advertising, hiring employees, and expanding facilities.
Besides access to grants, becoming a NASE member allows you to connect with experts who can advise you on subjects like finance, healthcare, strategy, law, and marketing. NASE membership also gives you access to discounts on healthcare, software, tax filing, and business travel.
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Hispanic businesses located in rural areas that have fewer than 50 employees and less than $1 million in gross revenue may want to consider applying for a Rural Development Grant from the USDA. Grants vary in size and can be used for a variety of projects that aid business development in rural areas, including training, technical assistance, acquisition or development of land, building construction or renovations, equipment purchases, and pollution control.
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The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are government grants from five different federal government agencies. These competitive grants are focused around tech and science and offer up to $1 million in capital (divided into two phases) to qualified small businesses.
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You may be able to find funding for your Hispanic small business through Candid.org’s Foundation Directory Online, which contains information on over 240,000 grantmakers in the U.S. Access to the directory requires buying a monthly subscription, but you can cancel at any time.
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Comcast RISE, which stands for Representation, Investment, Strength, and Empowerment, is a grant designed for businesses that were hit hardest by COVID-19. The grant is worth $5,000 and is given to small business owners hoping to expand and recover from the effects of the pandemic. Awards go to those looking to uplift their communities with a focus on diversity, inclusion, and community investment.
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The Entrepreneurial Spirit Fund by SIA Scotch Whiskey awards $10,000 in grants to small businesses owned by people of color in the food and beverage industry. Created by Hispanic entrepreneur Carin Luna-Ostaseskis, one of SIA’s goals is to provide funding, mentorship, and community to small businesses.
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If you’re a woman entrepreneur, consider applying for the Amber Grant, named after Amber Wigdahl, who passed at the age of 19 and never got to fulfill her business dreams. Each month, at least $30,000 is given in Amber Grant money. Applying takes just a few minutes and winners are announced by the 23rd of the following month.
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In addition to the grants and loans, there are organizations that can provide technical assistance, training, workshops, and networking opportunities to Hispanic businesses. Below are some you may want to check out.
digitalundivided
With a focus on assisting Black female and Latinx business owners, digitalundivided offers virtual training and a fellowship program for entrepreneurs. It also offers a pre-accelerator program for tech-enabled startup founders who have already begun to build their startup, are pre-revenue, and need assistance in developing their business model, marketing, and strategy.
Minority Business Development Agency
The Minority Business Development Agency is an advocate for Hispanic and other minority-owned businesses, and offers research, conferences, and resources to help entrepreneurs. Its Enterprising Women of Color Initiative is aimed to help minority women succeed in business through various offerings.
USHCC
The United States Hispanic Chamber of Commerce actively promotes the economic growth, development, and interests of Hispanic-owned businesses. Members have access to events and business resources to support them in their growth. In addition, members get listed in the Chamber’s online Hispanic business directory.
SCORE
SCORE is a national organization that connects business owners to free mentors to help them learn and grow their companies. SCORE also offers free workshops and a robust online database of useful business content.
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Looking for — and applying for — a Hispanic business loan can feel like an overwhelming task. Here are some ways to simplify the process.
Consider Your Options
Before applying for a small business loan, it’s a good idea to take a look at your credit profile and business financials, as this will give you an idea of what type of loan you might qualify for. If you have excellent credit, solid revenue, and have been in business at least two years, you may be able to qualify for a long-term, low interest loan from a bank or SBA lender. If not, you may want to look into financing offered by lenders and grantmakers listed above, as well as online lenders (who often have less strict qualification requirements for loans).
Determine How Much Money You Need
To figure out how much of a loan you need to start or grow your Hispanic business, consider how you would like to use the funds from a loan, then create a detailed budget for your project, adding in some padding to account for unexpected expenses.
Consider the Best Location for Your Business
If you haven’t yet launched your business, consider what might be the best environment for doing so. You may want to explore the best metros for minority businesses, since they may have established communities of hispanic business owners and resources to help you.
Gather All Your Paperwork
Whatever type of funding you decide to pursue, you will likely need to supply an extensive amount of information about your business in order to apply. This often includes:
- Business EIN
- Industry
- Entity type
- Business license and permits
- Annual business revenue and profit
- Bank account statements (personal and business)
- Personal and business tax returns
- Balance sheet
- Proof of collateral
- Accounts receivable and payable reports
- Existing debt
- Commercial lease
- Purpose of the loan/grant
- Business plan
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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