We purchased a local small business that in the past did business "on the fly" basically they gave 30 day terms to customers without any type of credit application. Most of the customers (86%) pay within terms however the other 14% do not, no matter how many times they are called. We would like to start charging a late fee or finance charge (which a notice has always been listed on every invoice) But we were told that due to not having a credit app on file, we would not be able to collect the fee legally? Anyone know if that is true?
Do you need a credit application on file to charge finance charges?
depends on your state's usuary laws in PA it is totally legal if it was on the invoice
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