How much interest can I charge?

Question

I operate a small business, and one of my customers has missed a payment (I live in the SF Bay Area). What is the allowable interest rate I can charge for late payments?

Answer 1

you need to spell such conditions upfront in writing

otherwise you have no binding contract

you could take this to small claim court and charge for expense you have had to incur as a result of this late payment

of course you will need to provide evidence of this via papers, bills, documents etc to the courts