Tenant owes a rent payment on the 1st of the month, but is due by the 5th. If the tenant pays you on the 7th and you accept the payment, you now lose out on that late payment. If you set it up with easyrentpayment.com, the late fee is calculated in the amount owed. So if you only collected one late payment of 50.00, this would pay for our service for almost a year and a half.