Late Fee & Prepayment Options provide the chapter preferences for late fees and prepayment discounts. Amounts and criteria for both options are set by the chapter.
View your chapter's late fee and prepayment settings under the Billing menu > Statement Details section > Late Fee & Prepayment Options.
Late Fees
- Late fees are an incentive for on-time payment and prepayment discounts are an incentive for early payment.
- Late fees can be processed to delinquent members' accounts based on a flat rate or a percentage of the balance.
- Also, a late fee threshold can be set so member balances lower than the threshold are not charged a late fee.
Prepayment Discounts
- If a member pays the total scheduled charges for all billing cycles on or before the Due On date for Cycle 1, they receive a credit equal to the amount of the prepayment discount.
- Prepayment discounts can be set by the billing group for flexibility.