Late Fee on Collexo
Overview
The Late Fee feature in Collexo allows you to configure and collect late fees on due payments through both online and offline payment methods. Once the due date has passed, the late fee is automatically added based on the number of overdue days, ensuring streamlined fee collection.
Core Functionalities
How does this work?
Configuration of Late Fee Heads
Navigate to the Manage Fee Head Page.
Click on the Late Fee Heads tab.
Activate an existing late fee head or create a new one.
Setting Up Late Fees in Fee-Connect
Enable late fee for a specific fee category.
Select the due date, applicable late fee head, and late fee amount.
Click on Submit for setting-up fee for activation.
Late Fee Calculation & Restrictions
The late fee is added on top of the due fee based on overdue days.
Discounts cannot be applied to the late fee.
Surcharges are not applicable to late fees (to be included in Phase 2 release).
K12-Specific Late Fee Configuration
Due dates can be set while configuring the planner.
For different plans in K12 different late fee heads and amounts can be configured in fee-connect.
Benefits of Late Fee Feature
Automated Calculation: Ensures accurate late fee application based on due dates.
Improved Revenue Management: Encourages timely fee payments.
Flexible Customization:You can configure multiple late fee heads as per their policies.
Special Business Use Cases
Higher Education Institutes: Can charge late fees for semester fees beyond the deadline.
K12 Schools: Can implement late fees for tuition, transportation, or hostel fees.
Conclusion
The Late Fee feature in Collexo simplifies overdue payment management, ensuring compliance with your policies while optimizing revenue collection. With easy configuration and automation, you can enforce timely payments efficiently.
Related Articles
Overview of Token Fee Management
Overview Collexo provides you with the ability to collect Token Fees or the 1st Installment Fee, in addition to standard application or registration fees. This feature allows applicants to confirm their enrollment by making an initial payment through ...Bulk Import Applicant Records in Collexo
Overview Collexo's Bulk Import feature enables you to import “Applicant records” efficiently without duplicates. This process is quick and simple—just upload a CSV, XLS, or XLSX file, and the system will align fee collection with the uploaded ...Send Split Payment Link from Collexo
Overview The Split Payment Link feature in Collexo allows you to divide a payment amount into multiple parts, each with a defined due date. This functionality is especially useful when payments are collected primarily through payment links and when ...Free Submission and Open Amount in Workflow Condition for Collexo Fees
Overview Collexo introduces a flexible fee collection process with Free Submission and Open Amount features. These options enhance transaction tracking by allowing applicants to submit zero-amount transactions or enter custom payment amounts. This ...Student Ledger
Overview The Student Ledger in Collexo provides you with a centralized view of all students, total payments, paid amounts, and remaining balances for all applicable fees. This feature helps you to visualize your collections efficiently and manage ...