How does the 7-day free trial work?

You sign up, connect (or create) a Stripe account, and you're in. After 7 days you're charged the monthly or annual rate for the plan you chose. Cancel anytime before day 8 — no charge, no questions asked.

Do I need my own Stripe account?

You can use your own Stripe account (recommended — keep your existing payment history and payout schedule) or create one during signup. Bank transfer is also available with no Stripe fees.

What payment methods are supported?

Two options: (1) Card payments via Stripe — cards, ACH (US), SEPA (EU), Faster Payments (UK), Apple Pay, Google Pay. Stripe takes their standard processing fee (1.5% + 20p UK, 2.9% + 30¢ international). (2) Bank transfer — your IBAN / sort code / routing number appears on every invoice, client transfers manually, no fees.

How much does Invosi cost?

Starter is $7/mo USD. Pro is $12/mo with up to 5 companies and 1,000 invoices / month. Scale is $25/mo with unlimited everything. All paid plans include a 7-day free trial. Same price worldwide — your card network handles the FX conversion.

Is there a free plan?

After the 7-day free trial ends, your account falls back to a Free tier with 1 company and 5 invoices / month. You can keep using Invosi for occasional invoicing forever — upgrade only when you need more.

Late payment interest rates UK (2026 reference)

The UK statutory late payment interest rate is 8% above the Bank of England base rate. With the base rate at 3.75% in 2026, the current statutory rate is 11.75% per year (about 0.98% per month). This rate is set by the Late Payment of Commercial Debts (Interest) Act 1998 and applies automatically to any B2B invoice that does not have an explicit alternative rate in the contract.

The current rate, in numbers

2024-2025: BoE base 5.00%, statutory 13.00%
2025-2026: BoE base 4.75%, statutory 12.75%
2026: BoE base 3.75%, statutory 11.75%
2020-2022: BoE base 0.10%, statutory 8.10% (lowest in recent history)

How interest accrues

Statutory interest accrues from the day after the invoice due date. The calculation is: invoice amount × statutory rate × (days late / 365). For a £1,000 invoice that is 60 days late at 11.75%: £1,000 × 11.75% × (60/365) = £19.32.

What the Act entitles you to

Statutory interest at 8% above BoE base rate, accruing from the day after the due date
Reasonable debt recovery costs if you have to take action to recover the debt
Applies to all B2B contracts where the customer is a UK business
Does not apply to B2C (consumer) contracts or to contracts with public authorities (which have their own late payment rules)

What to put in your invoice terms

Standard wording: "Late payment will incur interest at 8% above the Bank of England base rate, in accordance with the Late Payment of Commercial Debts (Interest) Act 1998. The statutory interest rate as of [date] is [rate]% per year."

How to escalate if the customer still does not pay

Step 1: Statutory demand (already in your late payment notice)
Step 2: Letter before action (LBA) — a formal letter saying "If you do not pay within 14 days, I will issue a county court claim"
Step 3: County court claim (for under £10,000) at moneyclaims.service.gov.uk
Step 4: Debt collection agency (takes 5-25% of recovered amount)
Step 5: Insolvency proceedings (for Ltd company customers only)

Frequently asked

What is the current statutory late payment interest rate in the UK?

8% above the Bank of England base rate. With the base rate at 3.75% in 2026, the current statutory rate is 11.75% per year (about 0.98% per month).

When does statutory interest start accruing?

From the day after the invoice due date. The calculation is: invoice amount × statutory rate × (days late / 365).

What if the customer disputes the invoice?

If the customer has a genuine dispute (the work was not done, the amount is wrong, etc.), statutory interest does not apply to the disputed amount. Pause the interest accrual while you resolve the dispute.

Written by Invosi Editorial · Tax & Compliance.