Landlords have the option to enable automatic late fees for their renters when setting up the payment terms. Landlords can choose the amount, grace period and send by or deliver by configuration. The late fee will be included with the rent invoice amount and can be waived manually at any point.
You are also able to change your late fee settings at any time!
There are two configurations for late fees:
Sent by - Apply a late fee to this invoice if the renter has not submitted a payment before the end of the grace period. If my renter sends the scheduled payment before the end of the grace period, no late fee will be assessed. Renters can "send" payment on any calendar day.
Deliver by - Apply a late fee to this invoice if the renters payment is delivered to bank account after the end of the grace period. To avoid a late fee the renter must schedule their payment so that it is received by the landlord before the end of the grace period. Renters can only send payments on business days.
To bulk update your late fee settings go to Properties - Bulk Property update - choose which units or properties to apply this to - select your settings as you wish. Your renters will be notified of the changes via email. Please note that changes to the renters payment terms and settings will turn off autopay for their protection, they are notified via email.