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?

1. 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.

2. 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.

3. 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).

4. 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.