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Business Question - Finance Charges
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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Business Question - Finance Charges
I do the books for my brothers landscaping company. Because of a few deadbeats I am going to start adding finance charges to peoples bills. I am sending out a "welcome to the 2008 season" letter. Do I include the finance charges in the letter saying that we will start charging them or do I just put it on the bottom of the bills saying that % will be charged on balances over 30 days?
ETA: What would be a fair APR?
Message edited 3/10/2008 9:49:21 AM.
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Posted 3/10/08 9:46 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: Business Question - Finance Charges
I had to do this once for a previous company. I did both - sent a letter and made sure it was on every invoice and statement that went out. I believe we charged a very small percentage, but I've seen as much as 30% charged.
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| Posted 3/10/08 11:19 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Business Question - Finance Charges
I've seen 2-3%
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| Posted 3/10/08 11:35 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Business Question - Finance Charges
i was led to believe that APR is different from finance charges... i know that for one card i have (local furniture store) the finance charge is 2% per month, so that comes out to 24% APR. sorry if i'm mistaken.
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| Posted 3/10/08 12:02 PM |
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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Re: Business Question - Finance Charges
Posted by headoverheels
i was led to believe that APR is different from finance charges... i know that for one card i have (local furniture store) the finance charge is 2% per month, so that comes out to 24% APR. sorry if i'm mistaken.
Yes, I have to set APR up in Quickbooks and it asks for the yearly rate... I wasnt sure what would be appropriate for a monthly thing.
Message edited 3/10/2008 12:05:18 PM.
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| Posted 3/10/08 12:05 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Business Question - Finance Charges
my gardener's invoices and 'welcome/renewal' letter both say 1.5% per month.
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| Posted 3/10/08 5:11 PM |
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