A Late Fee is a charge that is added to a customer's invoice in the event of delayed payments that is dictated by the payment terms defined for the customer.
Step 1. Create a new product.
Go through the motion of creating a new product by referring to the How To Create A New Product section. When asked to specify the Rating Method, select Late Fee.
Step 2. Specify the rate details
You have the ability to skip defining the default rate for the product for later definition when provisioning to a customer or when it is added to a package as a package product. For the purpose of this process, we will define the default rate for the product that you created.
Click the Specify Default Rate check-box and enter the rate corresponding to the currency code that the product will be used for.
Refer to table 1 below for the field definitions to help you populate the rate details.
Click Submit to save the changes.
|Propagate Charges to Hierarchy||When this is checked, the discount/fee will be applied to all customers in the system regardless if the discount/fee is included in the contract/rate class or not.|
|Late Fee Type||
Indicates the manner of adding the late fee to the invoice that is being closed. Available options are:
|Late Fee Against Balance||
Indicates the multiplier/factor that will be used to compute with the late fee percentage. This is only application if Late Fee Type is set to 'Percentage'. Available options are:
|Tiered Rate Type||
Only applicable for Tiered Pricing, this allows for choosing the behavior of how usage data is handled for tiered rates. Available choices are:
|Tier Calculation Level||
Only applicable for tiered pricing, this indicate the aggregate level of the tiered rates. Available options are:
|Split Usage Crossing Bands||When dealing with large chunks of data, enabling this option will allow the splitting of usage data across bands. Disabling the option will have the large chunk rated against the lower band.|
Indicates the type of pricing that the product will use. Available options are:
Pricing rate of the product.
Minimum charge when this product is charged to the customer. If the computed rate multiplied by the # of consumed units is less than the minimum charge, the minimum charge will be reflected on the customer's invoice.