Ohio Late Fee Calculator
Based on Ohio Rev. Code §1343.01 (legal rate of interest); §1343.03
QuickBillMaker applies late fees automatically based on your configured policy. Set it once and stop chasing payments by hand.
How Ohio late fees work
In Ohio, late payment fees on commercial invoices are governed by Ohio Rev. Code §1343.01 (legal rate of interest); §1343.03. The legal maximum is 0.67% per month (8.040000000000001% annualized). Legal rate set annually by Tax Commissioner (~8% recent). Written contracts may set up to 8% per year on consumer; 25% per year on commercial.
The fee must be stated in a written agreement before the work is performed. Without a written rate, only the statutory default rate applies.
Ohio prompt-pay law
Ohio Prompt Payment Act (Ohio Rev. Code §126.30 for state; §4113.61 for construction) Construction subs paid within 10 days of GC receiving payment; 18% per year interest if late.
Stop calculating late fees by hand
QuickBillMaker applies your Ohio late fee rate automatically when invoices go overdue.
Automate late fees free