Late charges on invoices

[weathermaker]

How do you guys deal with this...if a company hasn't paid you, what's a fair late fee? Let's say its for a company like, oh gee i don't know, Live Nation? I just point that out because its not like its a small company struggling to keep up with their bills...

thanks!

[Andymac]

You should have that spelled out on your invoice (Overdue accounts are charge at the rate of 2% per month on the unpaid balance).
But...most large companies refuse to pay late fees. You are supplying 'vendor financing'.
Sometimes that's the price you pay when you want to do biz with larger companies. Part of the reason I got out of commercial work for agencies. They would drag payment past 90 days.

I like the fish method.

[weathermaker]

thanks for the answer andy...and what do you mean by "the fish method"?

[Andymac]

Cod

[GIGART]

cod

lol

[Damn the Design]

Great question. I have a clause in my contracts that have late penalties with interest including surcharges to defray collections cost if it comes to that. Also, I usually never give anyone the finished product until I get paid in full.
BUT for your case, I wouldn't really know what to do aside from flinging poop at their windows. Cut your losses I guess.

[weathermaker]

Naw, they'll pay me, they're just disorganized and a little careless. But jeez LN, I just worked with C3 and they bury you in likability and ease of operation. Even though I worked for them two months after I worked for you, I got their check and I still don't have yours. A Little embarrassing no? : p

[weathermaker]

Oh cod you say? I have fished, but mostly for Perch and Bluegill.

[JustinHelton]

Cod

haha...genius!

[mikeage]

Spelling it out on the invoices is important, but also in your contract.

This info isn't from screenprinting, but it could still apply: Call someone up in their accounting department to discuss what their normal payment policies are. Maybe they only send out checks once a month or so and you just missed that cycle. See if there is anything holding up your payment, like you didn't include the proper project number, invoice wasn't formatted correctly, etc. A lot of times people use this as an excuse to delay paying you, but as long as you meet the excuse they will hold on to their/your money.

Also, check for anything like "you'll get paid when we get paid by our client." This is very common in some design fields.