How does BillingCenter manage late fees for overdue payments?

BillingCenter effectively manages late fees for overdue payments by automatically calculating them and adding them to the outstanding balance. This automation ensures accuracy and consistency in the application of late fees, minimizing the potential for human error that could occur with manual calculations. The system evaluates payment due dates and applies the appropriate late fees based on the established business rules and agreements, streamlining the collection process.

This approach is beneficial for both the organization and the customers. It helps maintain efficient cash flow management and provides clear expectations regarding financial obligations. By automatically incorporating these fees into the outstanding balance, BillingCenter enhances transparency, allowing customers to see any accrued charges directly on their statements, which encourages timely payments in the future.