If you sell your goods with credit (pending) to your customers, you must have felt
the need to apply interest on pending amounts for delayed payments. HDPOS smart
allows to set penalty rules for calculating penalty amount from customer for delayed
payments as per rules.You can set different penalty rules that get applied daily,
weekly or monthly for different customers. This module is integrated with 'Receive
Payment' module and at the time receive payment if the customer fails to pay the
dues within a specified due date system automatically calculates the penalty amount
based the penalty rule applied to the selected customer/customer group.
The penalty module in HDPOS smart is very sophisticated and allows you to:
- Define your penalty rules based on periods of your choice.
- Interest rates that you want to apply.
- You can even define compound interests.
- While collecting the payments you have a choice to :
- Adjust penalty amounts based on your negotiations with customers.
- Apply the received amounts partially to penalty and partial to actual pending amount.
- You can define more than one penalty rules.
- This will allow you to define different rules for different set of customers (customer
- You can also define a penalty rule that is applicable to all customers (default).
Read our tutorials on Penalty Management: