Please note: In order to set up the Automatic Late Fees feature for your store, you will need to submit a support ticket. This feature is not designed to be set up at the store level; Intro XL wants to ensure the parameters are set up correctly.
In order to utilize the Automatic Late Fee feature, the Late Fee rules must be set up at the loan type level (Admin > Loan Types). Input the following:
- The amount of the late fee (dollar value or percentage)
- How many days past the due date the Late Fee should be charged.
Once the Automatic Late Fee feature is set up for your store, it works in accordance with the following rules:
- It will stop auto-charging after x days (based on rules set up in Auto Late Fees settings).
- It will stop auto- charging after a write-off.
- It will stop auto- charging if the loan has been frozen. It looks for any “Freeze” transaction on the loan. , therefore, even if the loan as been “un-frozen” it still will not charge a late fee.
- This feature has the ability limit the loan to “Only Charge One Late Fee” in the Auto Late Fees Settings. Please not: This is only for Auto Late Fee processing. If an additional late fee is added manually this setting will not stop the fee from being added.
Leave A Comment?