How to setup interest rates.
Users can now charge interest on past due invoices. Interest owed can also be compounded if desired.
1. Click on your 'Settings'.
2. Click on 'Setup Interest Rates'.
3. Create interest rule title, term and rate and click 'Add Interest Rule'. Additionally, enable recurring, compounded interest and apply the interest rule to all unpaid invoices.
Term: Amount of days until the rule goes into effect
* If you set a interest rate term of 30 days, after the completion of this term if a payment is back dated on the 30th day, interest will be calculated on the invoice.
Please contact Rocket Matter Support for any questions you may have.
Note: Interest can only be applied to fees and/or costs. Rocket Matter does not include interest on debit adjustments.