An interest rate formula is a formula, using the given numbers and generated by the platform, that calculates the accumulated interest on late remittance payments. To create an interest rate formula:

Open Union Fusion and navigate to Remittance > Settings > Interest.

Select the Actions drop down > Create Interest Formula. This will take you to a form where you will create you personalized interest formula.

Fill in the information fields with the correct information.

Name - The name of this interest formula

Maximum Interest (%) - The maximum rate of interest that you want applied

Term (Days) - The number of days available to pay the remittance fees. If the payment is received past the grace period, interest will begin to accrue after the term.

Grace Period (Days) - The additional time added to the term in which a remittance payment must be received by the Local. Use this field if the number of days represents a portion of a month.

Grace Period (Months) - The additional time added to a term in which a remittance payment must be received by the Local. Use this field if the amount of time is equal to or greater than a month.

When the information specific to this interest formula has been added to the form, click on Save Interest Formula at the bottom of the screen.

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