Are there late payment penaltlies?

There is a late payment fee which is either 1% or £250 spending on which is the larger. The last thing we would want is for a customer of ours to be penalised. That's why we send an email and text to each admin when their statement is ready to be view, another notification 3 days later, and then notifications every day thereafter. 

Payment should be made within 5 days (including weekends) of the statement due date.