Ask Does implementing a financial penalty for late payments actually work to secure faster project settlements?

[Edward22]

Waiting for money that is owed to you can cause a lot of stress for a small business owner. Some people find that adding a small penalty for late payments helps make the process more predictable. However, you might worry that this will upset a client or make you seem difficult to work with. How do you introduce a late fee policy to your current clients, and does it actually help in getting paid faster without ruining the professional relationship you worked so hard to build?