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I thought charging late fees would chase off my small accounts, then a plumber in Fresno set me straight
For about 6 years I ate every late payment because I figured a $25 fee would cost me the account. A plumber I do bookkeeping for in Fresno heard me complain about a shop owner who sat on a $1,400 invoice for 71 days and he just laughed at me. He said he adds 1.5 percent a month, prints it right on the invoice, and has lost exactly one customer in 9 years over it. So I put the same line on my invoices in March and waited for the fallout. Nothing happened. Two people paid the same week, one guy apologized and paid the fee without a word, and the slow payer from before cleared his balance in 4 days. Turns out the fee wasn't the problem, me not asking for it was. Does anyone here charge interest monthly instead of a flat fee, and does it actually hold up if somebody pushes back?
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