Late payment interest: how much can you claim?
Amount, due date and payment date: you see the days late, the interest at 5% a year and a text ready to copy into your reminder.
Frequently asked questions
See also: all our free tools
Which rate can I claim?
5% a year: the legal rate (art. 104 of the Code of Obligations), due even if you did not write it on the invoice. A higher rate is only possible if it was agreed by contract.
From when does interest run?
As soon as the customer is in default: the day after the due date if it was agreed with them; otherwise from your reminder (art. 102 of the Code of Obligations).
Can I also charge reminder fees?
Only if they were agreed with the customer, for example in terms and conditions they accepted. The law only provides for late payment interest: if in doubt, do not add fees.
Why divide by 365?
The calculator counts the actual days late and relates them to a 365-day year: easy for your customer to check. A 360-day calculation would give a barely higher amount.
Reminders that go out on time.
Yoda Bill spots late invoices and prepares the reminder, with the amount still due. 2 free invoices every month.