Late fees can be assessed based on the percentage of rent owed by the tenant or based on a fixed amount. Charging late fees based on a percent of rent allows late fees to be added to accounts only when the tenant owes more than a certain percentage of their rent rate. This may be a good option for you if you have a wide range of rental rates because it allows you to be more specific about the threshold before a tenant is charged a late fee.
Note: This setting does not set the amount of the late fee, it only determines when to charge the fee.
You can find this option on the Program Defaults screen, in the Late Fees tab.
Click the radio button for Percent of Rent and then enter the minimum percent of rent that a tenant would owe before a late fee is applied. For example: Entering 5% would mean that if a tenant owes you less than 5% of rent, the late fee will not be assessed. If the customer owes anything over 5%, the late fee will be charged.