How can I charge monthly compounding interest on Open-Aging Invoices?

[Joe_Carney]

I just want to know if there is a way to automatically charge a certain interest rate against open invoices, monthly, until the balance is paid. I have some slow paying clients and I want to deter them from delaying payment. 

[Minion]

Hi @Joe_Carney 

So I do not believe there is an automatic way to charge compounding interest, let alone a late fee automatically .  Looking at this feature request from 3 years ago, automatic late fee/interest is not an option yet for invoicing. 

The only thing you can do, would be to edit the invoice, add the late fee/interest and then resend it.  With that being said, I think it would be important to notify your customers about the new late fee/ interest fee being implemented moving forward.  

I know its not an ideal option, but if you also go to that link above, and "star" that first post hopefully it will gain more interest and be implemented in the future.