Are your clients lacking the proper "motivation" to pay their invoices? Not to worry! With our ability to add interest to your invoices automatically, PracticePanther's got you covered.
Please follow these simple steps to setup automatic interest:
1) When creating any invoice you wish to apply interest to, simply change the "Add Interest" option found on the bottom right of the invoice generation page from "No" to "Yes".
2) Decide between "Simple" or "Compound" interest.
Simple Interest: Only applies interest to original sub-total of the invoice.
Compound Interest: Applies interest to the new totals including the last interest was applied.
3) Add the annual interest rate.
*Note* This rate will be applied over the course of one year, applying as many times as you'd like by using the next field.
4) Decide how often (in days) after the due date of the invoice you wish the interest to apply.
*Note* If you want to apply interest right away, turn the setting on to be one day after the due date, and make the invoice's due date today. The interest will take 24 hours to apply to the invoice.
5) Click "Save".
What happens now?
Once the allotted time passes, the interest will appear on the invoice under the "Flat Fee" section, and automatically update the invoice's total.
Pro Tip: Feel free to click here, or navigate to the "Invoice Options" page in your settings to setup the default interest settings for all invoices moving forward.