interest rate to charge for late payment as a small business owner?
jhk_29621 asked:
What’s the percentage of interest rate as a small business owner to charge a customer for late payment in general or in Georgia? Thanks
What’s the percentage of interest rate as a small business owner to charge a customer for late payment in general or in Georgia? Thanks
We charge 1.5% per month on the unpaid balance. 18% a year.
1%-2% of the unpaid balance per month. I prefer 1%. Any more than 2% that and it could be considered usury in some states. Unless of course you have the deep pockets to influence states to make an exemption for you .ie- Credit card companies.
Ever notice credit card companies or credit card divisions of companies only reside in a handful of states??