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Payment deadline (part 2/3)

Updated: Sep 29, 2023

Advise from Eva

Last week, I told you about the difficulties of getting paid on time when you are a freelancer.

I gave you the first step, the most basic tip to include in your T&Cs.

But, we agree on one point: it was not the most profitable. Not enough to save your micro-enterprise with compensation of 40 euros.

At best, you can afford 8 kebabs. But you will have a full coconut. And it's still cool.

➡ But, we can do better regarding appeals for non-compliance with deadlines!

Yeah, I wasn't going to leave you with that.

📕 According to the regulations, the payment deadlines are set by article L441-10 of the Commercial Code (see my last post for the conditions)

To compensate for the overruns of the deadlines set by this article, in addition to the fixed compensation appearing on your T&Cs, you can also:

👉🏼 Set late penalties in advance

This is, in my opinion, the best thing to do.

Well yes, as soon as it talks about money, it is immediately more dissuasive.

The customer will have the obligation to pay it, IN ADDITION to the amount initially due. They are automatically due as soon as the due date has passed.

These penalties are generally equal to the refinancing rate of the European Central Bank, plus 10 points.

🧠 It's simple: you take the ECB refinancing rate (which you will find on the internet, it changes every semester).

Right now, the ✨ refi rate ✨ (good jargon to show off after work) is at 2.50%. Which is also a record. I invite you to consult the history of the ECB's refi rate.

So 2.50 + 10 points = 12.5%.

It can still be lower, within the limit of 3 times the minimum rate (here, 2.5 x 3).

Your ADR is then multiplied by this rate, then by the number of days elapsed from the due date, until payment is made by the customer.

In the same way as the fixed indemnity, they must appear:

✅ on all your bills

✅ in your T&Cs

To know :

📌 The rate is applied to the amount including tax of the invoice

📌 These penalties are due without a reminder being necessary (no registered letter required or other administrative procedure)

⚠️ Attention, the terms of application and the rate of your penalties must be specified (again) in your T&Cs.

Moreover, the fact of not mentioning it in the invoice and in the general conditions of sale is liable to a fine of 75K €. And we don't really want to take the backlash! 😐

And for all those who have trouble claiming their due, never forget this Latin phrase (to tell your unhappy customers): Dura Lex, Sed Lex! 😎

Did you find it useful? Don't hesitate to tell me in the comments! ⬇️

Better Call Eva

PS : Follow Eva on LinkedIn for more advise 👉 Eva


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