How do I set up automatic late fees?
With Cozy, you can automatically bill late fees to encourage your tenants to make payments on time.
Here, you'll learn how to set up automatic late fees for both new and existing rent collection setups.
Easy as 1-2-3:
1. To enable automatic late fees, go to your Rental Details tab from an existing rent collection setup and click "Edit" next to the Rental payments.
2. From there, you'll be prompted to enable automatic late fees. When you enable late fees, you'll need to enter the fixed amount that you'd like charged and a grace period.
3.Click Continue, review the lease setup, and select Confirm and Update when you're ready!
Late fees on a new rent collection
When setting up a new rent collection, you'll have the opportunity to enable the automatic late fee feature!
What happens next?
Now that you've set up automatic late fees, if your renters don't have a total balance of $0 or lower on the date that rent is due, we'll email them to let them know that they need to schedule a payment for rent, or a late fee will be applied.
Once the grace period is over, a late fee bill will be applied automatically and we'll email your renters about this bill with instructions on how to schedule a payment.