In the UK, statutory late payment interest is a legal charge applied to overdue invoices. It compensates suppliers for delays, calculated at 8% plus the Bank of England base rate.

Late payment charges can be applied to invoices going back 6 years. Calculating these charges is very time consuming and complex.

GFTM will automatically calculate all later interest charges payble. It can cope with extended/ reduced payment times, and also if payments terms coincide with the end of a month rather than a set 30 day period.

You will be made aware of the historic amounts owed to you customer by customer, and in addition the amount owed in late payment fees on unpaid invoices. These two sets of amounts will also be incorporated into any debt chasing email, to give an added sense of urgency into customer payments.