Purchase Power Fees Explained

Purchase Power Fees Explained: Transaction fee, Late payment fee, Daily Interest, Returned Payment Fee, Overlimit fee.
Late Payment Fee: A late payment fee is applied when the 'Minimum Payment' due is not received by the due date. When making payment please allow 5 working days for your payment to reach us.
Tip: Avoid incurring Late Payment Fee's by setting up a Direct Debit
Daily Interest: Daily interest is applied to your account if the balance is not paid in full by the due date. Interest is calculated from the date a transaction occurred.

Returned Payment Fee: A returned payment fee is applied when a payment cannot be successfully debited from a bank account. In the event of a returned payment contact your bank to verify the status of your Direct Debit instruction.  

Overlimit Fee: An overlimit fee is charged when the account balance exceeds the Purchase Power credit limit. The calculation for the overlimit fee is 1% of the amount that exceeded the credit limit (minimum fee £10, maximum £100). The account credit limit can be found in top right-hand corner of the Purchase Power invoice.
Tip: If your account frequently exceeds the credit limit consider requesting a credit limit increase that will accommodate your monthly business needs.

UPDATED: 23 September 2022

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