What is 'late fee' in SAP LOD-TEM - Travel OnDemand?

late fee - Overview

• Component: LOD-TEM

• Component Name: Travel OnDemand

• Description: Fees charged by credit card provider for late settlement of credit card bill.

late fee - Details

• 
  Key Concepts: 
  Late fee is a charge that is applied to a customer’s account when they fail to make a payment on time. In the SAP LOD-TEM Travel OnDemand component, late fees are used to encourage customers to pay their bills on time and to cover the costs associated with late payments. 
  
  How to use it: 
  In the SAP LOD-TEM Travel OnDemand component, late fees can be set up and managed in the “Fees & Charges” section. Here, you can set up the amount of the late fee, when it should be applied, and how it should be calculated. 
  
  Tips & Tricks: 
  When setting up late fees in the SAP LOD-TEM Travel OnDemand component, it is important to consider the impact that late fees may have on customer satisfaction. It is also important to ensure that the late fee is reasonable and in line with industry standards. 
  
  Related Information: 
  For more information about setting up and managing late fees in the SAP LOD-TEM Travel OnDemand component, please refer to the official SAP documentation.