Payments
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Payments Overview
From your Invoice Maker account dashboard, you are able to manage your payments received outside the Invoice Maker system, and through our 3rd Party Payment Processors, e.g. Stripe.
Manual Payments
Definition: A manual payment is a cash, check or "other" payment that a business owner has received outside of the Invoice Maker system. The purpose is to track payments and balances when a payment has been received outside our system, either by cash, check, or "other", which could be anything such as a payment made by Paypal, cashApp, Venmo, etc.
Manual Payment Requirements:
Business Owner Input
- User has to manually input payment type and amount
- Payment Amount: required field
- Payment Date: required field. The payment date defaults to the current date it is updated
- Payment Method: Cash, Check, Other (required field)
- Internal Payment Note: plain text field for whatever the user wants (e.g. check number, specify "other" method (not required field). "Internal Payment Note" lets the user know only they will see the note
Invoice
- Invoice Total: Total before any payments. This is always displayed as "Invoice Total"
- Paid to Date: The amount currently paid to date, displayed as "Paid to Date"
- Balance Due: Invoice total - Paid to date, displayed as "Balance Due"
Status
- An invoice remains Unpaid until the balance is paid-in-full, and there is a $0.00 balance due
- Refund is used for invoices that have the entire balance refunded
- Partially Refunded is used when a partial payment is refunded
Partial Payments
Definition: any payment amount entered against a balance due that is less than the total amount due
Requirements:
- Recipient will always be presented with a payment screen that is auto-filled with the total amount due to the entire invoice
- Recipient will always be able to enter a lower amount
- cash - amount
- check - amount - check #
- other - note field (Venmo, cashApp, Paypal, etc.)
- collect deposit
- collect partial payment
- refund deposits and partial payments
Deposits: default amount on the first payment is only the deposit amount
Refund: If a refund is not for the total amount, the status = partially refunded. If a refund is for the full amount, status = refunded
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How to Accept Credit Card Payments
When growing your business, there is nothing more important than being able to accommodate your clients. Offering easy payment methods in fewer steps means less hassle for your clients and a quicker road to cash in your hand. Now, 78% of all customers pay their invoices using a credit card and spend 12-18% more when paying by credit card.
Invoice Maker offers you the opportunity to collect credit card payments directly through our platform.
You can still have an account and send invoices without collecting credit card payments, but linking your Invoice Maker account to Stripe takes all the legwork out of getting paid. Just send your invoice, sit back, and collect your payment without lifting a finger.
Steps to accept credit card payments:
- Create your Invoice Maker account
- Verify your account
- Connect it to our 3rd Party Payment Processing Service Provider, Stripe
To accept credit card payments, follow the prompts below:
- Navigate to Settings. Select Payment Methods
- Select Stripe. Click Connect with Stripe
3. Create a Stripe account, or sign in to an existing account.
4. Add all pertinent Business and Personal Details
5. Add your Preferred Bank Account (where you'd like your payments to be sent once paid via credit card)
6. Add your Driver's License information or other Government-Issued Identification for verification
7. Submit and you're all done! Start collecting payments as soon as you send your invoices through Invoice Maker!!**
All personal information entered into the Third-Party Processor, Stripe's, platform is 100% secure. Invoice Maker does not have access to any financial or personal information entered through Stripe. All payments facilitated through Invoice Maker's platform are processed externally by the Third-Party Processor directly, and any disputes regarding Third-Party platform payments or fees must be directed to the Third-Party platform itself and will not be responded to through Invoice Maker. To read more about how your data is secure and how your information is used through Stripe, you can review their Privacy Policy HERE.
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How to Accept Payment via Venmo
When growing your business, there is nothing more important than being able to reach and accommodate your clients across all channels. That is especially true for accepting payments.
Invoice Maker offers you the opportunity to collect payments directly through Venmo.
Though you can still have an account and send invoices without collecting payments through Invoice Maker, linking your account to a Third-Party Processing Service Provider is a beneficial tool that takes all the legwork out of getting paid. Just send your invoice, sit back, and collect your payment without lifting a finger.
Steps to accept Venmo payments:
- From your Invoice Maker dashboard, click on the Menu Bar and then click Settings
- Click on Payment Methods
- Follow the instructions to export your code image from Venmo on your desktop or mobile device
- Once you have your saved code image, click on Connect and Upload your code image
- Invoice Maker will automatically verify that your code image is valid
- That's it. You're done! You can start sending invoices via Invoice Maker and receiving payments directly to your Venmo account.
**Please note that as Venmo payments will be made externally, you will have to manually update the payment status of your invoice once you are paid. To read more on how to manually add your payment to update the invoice status, click HERE.**
All personal information entered into the Third-Party Processor, Venmo, is 100% secure. Invoice Maker does not have access to any financial or personal information entered through Venmo. All payments facilitated through Invoice Maker's platform are processed externally by the Third-Party Processor directly, and any disputes regarding Third-Party platform payments or fees must be directed to the Third-Party platform itself and will not be responded to through Invoice Maker. To read more about how your data is secure and how your information is used through Venmo, you can review their Privacy Policy HERE.
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How To Accept Payment via Cash App
When growing your business, there is nothing more important than being able to reach and accommodate your clients across all channels. That is especially true for accepting payments.
Invoice Maker offers you the opportunity to collect payments directly through Cash App.
Though you can still have an account and send invoices without collecting payments through Invoice Maker, linking your account to a Third-Party Processing Service Provider is a beneficial tool that takes all the legwork out of getting paid. Just send your invoice, sit back, and collect your payment without lifting a finger.
Steps to accept Cash App payments:
- From your Invoice Maker dashboard, click on the Menu Bar and then click Settings
- Click on Payment Methods
- Follow the instructions to export your code image from Cash App on your desktop or mobile device
- Once you have your saved code image, click on Connect and Upload your code image
- Invoice Maker will automatically verify that your code image is valid
- That's it. You're done! You can start sending invoices via Invoice Maker and receiving payments directly to your Venmo account.
**Please note that as Cash App payments will be made externally, you will have to manually update the payment status of your invoice once you are paid. To read more on how to manually add your payment to update the invoice status, click HERE.**
All personal information entered into the Third-Party Processor, Cash App, is 100% secure. Invoice Maker does not have access to any financial or personal information entered through Cash App. All payments facilitated through Invoice Maker's platform are processed externally by the Third-Party Processor directly, and any disputes regarding Third-Party platform payments or fees must be directed to the Third-Party platform itself and will not be responded to through Invoice Maker. To read more about how your data is secure and how your information is used through Cash App, you can review their Privacy Policy HERE.
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Manually Adding a Payment
You can manually add a payment to an invoice that your customer has paid you outside of the Invoice Maker app.
You would manually add a payment if accepting payment via:
- Cash
- Check
- Venmo
- Cash App
- Square (Coming Soon)
- Paypal (Coming Soon)
- Other
To Add a Payment, simply follow these steps:
- Log in to your account
- Click on the designated unpaid invoice that you received a payment for
- Click on Add Payment next to the invoice
- Click the appropriate payment method from the drop-down menu
- Enter any Internal Payment Notes
- Click Add Payment
Always remember that Invoice Maker makes it easier than ever to accept credit card payments directly through our app. If accepting credit card payments through Invoice Maker, the invoice status will automatically update, and you will not need to manually add your payment. To read more on how to verify your account to accept payments, click HERE.
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Manually Adding a Cash App Payment
As Cash App payments will be made externally, you will have to manually update the payment status of your invoice once you are paid.
After a customer pays you via Cash App, you will receive a separate email directly from Cash App letting you know the payment has been made.
To Add your Cash App Payment, simply follow these steps:
- Log in to your account
- Click on the designated unpaid invoice that you received a payment for
- Click on Add Payment next to the invoice
- Click the appropriate payment method from the drop-down menu
- Enter any Internal Payment Notes
- Click Add Payment
- Select Cash App
- Add any Internal Payment Notes
- Click Add Payment
Once you manually update your payment, the balance due will reflect $0.00, and the invoice status will update to PAID. Your payment history will be located below the invoice when viewing in your dashboard.
If you ever wish to disconnect Cash App as a payment option in the future, you are able to do so under your Payment Options from the Settings menu.
Always remember that Invoice Maker makes it easier than ever to accept credit card payments directly through our app. If accepting credit card payments through Invoice Maker, the invoice status will automatically update, and you will not need to manually add your payment. To read more on how to verify your account to accept payments, click HERE.
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How to Add a Venmo Payment
You can accept payments from your clients via Venmo and easily record a payment. Simply update the payment status of your invoice once you are paid.
When a customer pays you via Venmo, you’ll receive an email notification that confirms proof of payment. Since Venmo is a separate application, add your Venmo payment to your invoice in just a few seconds.
To manually record a payment made via Venmo, simply follow these steps:
- Log in to your account
- Click on the designated unpaid invoice for which you received payment
- Click on Add Payment next to the invoice
- Select Venmo from the drop-down menu
- Enter any Internal Payment Notes
- Click Add Payment
Once you manually update your payment, the balance due will reflect $0.00, and the invoice status will update to PAID. Your payment history will be located below the invoice when viewed in your dashboard, as seen below.
If you ever wish to disconnect Venmo as a payment option in the future, you are able to do so under your Payment Options from the Settings menu.
Invoice Maker makes it easier than ever to accept credit card payments directly through our app. If accepting credit card payments through Invoice Maker, the invoice status will automatically update, and you will not need to manually add your payment.
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Taxes (Sales, VAT - USA only)
Sales Tax (USA only)
A sales tax is calculated as a percentage of goods sold and is determined by the location where the sale took place. Sales taxes are administered by each State, County, and District(s) in the USA.
- Use TaxJar to find a sales tax by zip code.
Value-Added Tax (VAT)
A value-added tax (VAT) is a tax that is calculated based on the cost of the goods or service charged. This tax is administered by most countries and usually is targeted at imported items.
- Use Avalara to find the VAT .
COUNTRY VAT SOURCE USA 0% (although, there is sales tax in most states) N/A Argentina 21% PWC Australia 10% TransferWise Bangladesh 15% nbr.gov.bd Belgium 21% www.belgium.be Brazil Depends on the State. Average is 17% KPMG Bulgaria 20% www.tmf-group.com Canada 5% to 15% www.worldwide-tax.com Chile 19% home.kpmg China 13% www.tradingeconomics.com Colombia 19% Avalara Dominican Republic 18% KPMG Finland 24% Finland Ministry of Finance France 20% www.tmf-group.com Germany 19% www.tradingeconomics.com Greece 24% www.tradingeconomics.com Hong Kong 0% www.worldwide-tax.com Hungary 27% Avalara India 12.5% to 15% www.worldwide-tax.com Ireland 23% Irish Tax and Customs Israel 17% Israel Tax Authority Italy 22% Ministry of Economy and Finance Jamaica 16.5% www.taxsummaries.pwc.com Kenya 0% or 16% www.bdo.ea.com Malaysia 6% lawofficemalaysia.com Mexico 16% Avalara Morocco 7%, 10%, 14%, or 20% (Standard is 20%) KPMG Netherlands 0%, 9%, or 21% (Standard is 21%) Government of Netherlands New Zealand 13% www.world.tax-rates.org Nigeria 7.5% Avalara Norway 25% The Norwegian Tax Administration Pakistan 17% taxsummaries.pwc.com Panama 7% (10% and 15% for alcohol and tobacco, respectively) KPMG Peru 18% Avalara Philippines 0% to 12% Philippines Bureau of Internal Revenue Poland 23% Polish Investment and Trade Agency Portugal 23% Avalara Puerto Rico (USA) 0% N/A Russia 10% or 20% (Updated from 18% in 2019) Federal Tax Service of Russia Saudi Arabia 5% General Authority of Zakat & Tax Singapore 7% Inland Revenue Authority of Singapore South Africa 15% South African Revenue Service Spain 21% Spanish Tax Agency Sri Lanka 15% Sri Lanka Inland Revenue Sweden 6%, 12%, and 25% (Standard is 25%) Swedish Tax Agency Switzerland 7.7% Swiss Federal Tax Administration Thailand 7% Thailand Revenue Department Ukraine 20% Avalara United Kingdom 20% GOV.UK Vietnam 5% or 10% Ministry of Justice Zimbabwe 14% Zimbabwe Revenue Authority Are Services Taxed?
Services are taxed based on the service provider’s country. In most countries, services are taxed at the Value-Added Tax (VAT).
In the USA, only four (4) States charge taxes on general services:
- Hawaii – 4% (tax.hawaii.gov)
- New Mexico – 5% and will be 5.125% on July 21, 2021 ( www.avalara.com)
- South Dakota – 4.5% (dor.sd.gov)
- West Virginia – 6% (tax.wv.gov)
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Shipping
Is Shipping Taxed?
Most likely no but depends on the final destination of the product. For example, in the USA shipping is taxed in about half the States as long as the shipping charge is separate from the sale (see table below).
State Shipping Taxed? Source Alabama Not subject to sales tax if the shipping charges are listed separately on the invoice. Admin Code 810-6-1-.178 Alaska No sales tax. N/A Arizona Not subject to sales tax. Handling charges are taxed. If shipping and handling, the entirety is taxed. Admin Code § R15-5-133 Arkansas Subject to sales tax.
GR-18 California Not subject to sales tax if the shipping charges are listed separately on the invoice. Publication 100 (Shipping and Delivery Charges), Article 12 Regulation 1628
Colorado Not subject to sales tax if the shipping charges are listed separately on the invoice. Colorado Sales Tax Guide (Page 10) Connecticut Subject to sales tax. Page 13 of IP-2018(5) Delaware No sales tax. N/A Florida Not subject to sales tax if the shipping charges are listed separately on the invoice. Sales Tax Rules 12A-1.045, FAQ from FL Dept. of Revenue Georgia Subject to sales tax. § 48-8-2(34)(A)(iv) Hawaii Subject to sales tax. § 237-3 Idaho Not subject to sales tax if the shipping charges are listed separately on the invoice. tax.idaho.gov (Retailers), § 63-3613(b)(7) Illinois Subject to sales tax. Nancy Kean vs Wal Mart Stores Inc., § 130.415(b)(1)(D)(ii) Indiana Subject to sales tax. § 6-2.5-1-5(a)(4) , Commissioner’s Directive #23 (top of Page 2 Iowa Not subject to sales tax if the shipping charges are listed separately on the invoice. tax.iowa.gov (Sales and Use Tax Guide) Kansas Subject to sales tax. Sales Tax and Compensating Use Tax (Page 15), § 79-3602(ll) . Admin Reg. 92019-46 Kentucky Not subject to sales tax if the shipping charges are listed separately on the invoice. Kentucky Sales Tax Facts (Page 2), KRS 139.010(15)(a)(4), KRS 139.210 Louisiana Not subject to sales tax if the shipping charges are listed separately on the invoice. RS 47:301(3)(a), Revenue Ruling No. 01- 007 Maine Not subject to sales tax if the shipping charges are listed separately on the invoice. Title 36, § 1752(14), Business Guide to Sales, Use, and Service Provider Tax
Maryland Not subject to sales tax if the shipping charges are listed separately on the invoice. Massachusetts Not subject to sales tax if the shipping charges are listed separately on the invoice. Michigan Subject to sales tax. § 205.51(1)(d), Dept. of Treasury (Sales and Use Tax FAQs) Minnesota Subject to sales tax. § 297A.61(7)(a), Sales Tax Fact Sheet 155 Mississippi Subject to sales tax. Dept. of Revenue FAQs, Mississippi State Tax Commission Part IV Sales and Use Tax (Pages 16-17) Missouri Not subject to sales tax if the shipping charges are listed separately on the invoice. Senate Bill No. 16 Montana No sales tax. N/A
Nebraska Subject to sales tax. § 77-2701.35, Nebraska Sales and Use Tax Guide on Delivery Charges, Nebraska Sales and Use Tax FAQs Nevada Not subject to sales tax if the shipping charges are listed separately on the invoice. NAC 372.101, NRS 360B.480, NRS 360B.290(2), Tax Bulletin SUT 15-0002 New Hampshire No sales tax. N/A New Jersey Subject to sales tax. Publication ANJ-10, Notice: Sales and Use Tax Rate Change, Bulletin S&U-4, § 54:32B-2(oo)(1), Admin. Code § 18:24-27.2 New Mexico Subject to sales tax if the Seller is making the payment to the carrier. In other words, shipping is almost always taxable. § 3.2.1.15 (Page 53) New York Subject to sales tax except for grocery food § 1101(a)(b)(3), § 1115(n)(3) North Carolina Subject to sales tax. § 105-164.3(203), Sales and Use Tax Bulletins (Page 83), North Carolina Dept. of Revenue FAQs North Dakota Subject to sales tax. § 57-39.2-01(7), § 81-04.1-01-10 (Page 6) Ohio Subject to sales tax. § 5739.01(H)(1)(a)(iv), § 5703-9-52 Oklahoma Subject to sales tax. § 710:65-19-70, 68, § 1352(12.a) Oregon No sales tax. N/A Pennsylvania Subject to sales tax. Rhode Island Subject to sales tax. South Carolina Subject to sales tax. § 117-310, Dept. of Revenue (FAQs) South Dakota Subject to sales tax. Rule 64:06:02:34, South Dakota Dept. of Revenue (Publication) Tennessee Subject to sales tax. § 67-6-102 , 1997 Letter Ruling #97-22, Dept. of Revenue FAQs, Texas Subject to sales tax. Sec. 151.007, Texas Comptroller FAQs Utah Not subject to sales tax if the shipping charges are listed separately on the invoice. § 59-12-102(103)(c)(ii), Tax Commission FAQs Vermont Subject to sales tax. § 9701(4)(A), Dept. of Taxes FAQs Virginia Not subject to sales tax if the shipping charges are listed separately on the invoice. Washington Subject to sales tax. § 82.08.807, WAC 458-20-110(3) West Virginia Subject to sales tax. § 11-15B-2(49)(A)(iv), § 110-15-89 (Page 142) Wisconsin Subject to sales tax. § 77.51(15b)(b)4, Dept. of Revenue FAQs Wyoming Not subject to sales tax if the shipping charges are listed separately on the invoice. § 39-15-105(a)(ii)(A), Dept. of Revenue (Freight and Transportation Charges) -
Can I Charge Late Fees?
Maximum Late Fee | Penalties
Below are the maximum penalties that can be charged if an invoice is not paid. Any late fees must be written in the invoice at the time of sending it to a client. The late fee is calculated by the total amount owed multiplied by the interest rate (%) on a per annum basis.
By Country (Top 50)
COUNTRY MAXIMUM PENALTY SOURCE USA 0%; however, most states implement a sales tax N/A Argentina No maximum rate N/A Australia 48% from interested collected plus other fees Consumer Credit Act in NSW and ACT Bangladesh 6% Trading Economics Belgium No maximum rate N/A Brazil 6.5% Banco Central Do Brasil Bulgaria No maximum rate N/A Canada 60% § 347 of the Criminal Code Chile 36% Science Direct China 36% Bloomberg Colombia 33% Borradores de Economia Dominican Republic No maximum rate Latin Lawyer Finland 7 percentage points higher than the interest rate applied by the European Central Bank Finland Interest Act (633/1982) France An annual rate higher than 1/3 the average percentage rate applied by credit institutions is usury French Consumer Code Article L313-3 Germany 5 percentage points above the basic rate of interest (currently 3.62%) Section 288(1) of German Civil Code Greece 2 percentage points above the maximum contractual interest rate. E-Justice Hong Kong 60% Hong Kong Legistlation Cap. 163, Section 24(1) Hungary No maximum rate N/A India At such rate as the Court deems reasonable India Code Usury Laws Repeal Act, 1855, Section 2 Ireland 187% to 287% Consumer Credit Act Israel 13% per annum, 17% per annum on arrear interest Banking Regulation in Israel: Prudential Regulation versus Consumer Protection Italy 25% plus 400 basis points (or exceed average market rate by 800 basis points) Lexology Jamaica 6% Money Lending Act Kenya No maximum rate N/A Malaysia 12% for secured loan, 18% for an unsecured loan Moneylenders’ Act 1951, Section 17A Mexico No maximum rate N/A Morocco No maximum rate N/A Netherlands No maximum, except on consumer credit loans Practical Law New Zealand No maximum rate Commerce Commission New Zealand Nigeria 48% Practical Law Norway No maximum rate N/A Pakistan Interest not permitted under Pakistani laws for domestic lending Practical Law Panama No maximum rate N/A Peru No maximum rate N/A Philippines No maximum rate N/A Poland 4 times the pawn loan rate of the National Bank of Poland Polish Civil Code Article 359(2¹) Portugal 7% or 9% (depending on in rem guarantee) Law and Practice Portugal, Section 4.3 ( Full PDF) Puerto Rico (USA) 6% Financing USA Russia Cannot exceed more than twice usual applicable rate Civil Code Chapter 42, Section 1, Article 809(5) Saudi Arabia No maximum rate N/A Singapore 4% per month Singapore Ministry of Law South Africa 10% National Credit Act, Chapter 5, Part C (105) Spain No maximum rate N/A Sri Lanka 20%, 18%, or 15% Sri Lanka Money Lending Ordinance Section 4(2) Sweden No maximum rate N/A Switzerland 10% or 12% Swiss Credit Consumer Act, Section 3 Thailand 15% Thai Civil and Commercial Code Book 3, Chapter II, Section 654 (Full PDF) Ukraine No maximum rate N/A United Kingdom No maximum for payday loans Credit Unions Act 1979 Vietnam 20% Vietnamese Civil Code, Chapter XVI, Section 4, Article 478(1) (Full PDF) Zimbabwe Not specifically defined Moneylending and Rates of Interest Act, Chapter 14:14, Section 8 (Full PDF) Usury Rates by State
State
USURY RATE SOURCE Alabama 6% maximum for verbal agreements, 8% for written agreements. § 8-8-1 Alaska Cannot exceed 10% or 5 percentage points above Federal Reserve interest rate; 10.5% if loan is more than $25,000. § 45.45.010 Arizona 10% unless agreed upon in a written contract. § 44-1201 Arkansas May not exceed the applicable rate of interest (17%) set forth in Section 3 of the Arkansas Constitution, Amendment 89 . § 4-57-104 California 7% for money, goods, or things in action; 10% for money, goods, or things in action for personal, family, or household purposes; or the greater of 10% or 5% + the prevailing rate established by the Federal Reserve Bank of San Francisco for any other use. Article XV Colorado Maximum is 45% per annum. If no written agreement exists, interest rate may not exceed 8%. § 5-12-103 Connecticut Interest rate may not exceed 12%. § 37-4 Delaware Maximum rate of interest is 5% over the Federal Reserve discount rate. No limitations on interest rates for loans exceeding $100,000. § 2301 Florida 18% unless loan exceeds $500,000, in which case the rate of interest can be 25% (in accordance with § 687.071(2)) § 687.03 Georgia Maximum interest rate is 7% if no written contract exists; 16% on loans of $3000 or less; and any rate of interest may be established by parties to a written contract for loans of $250,000 or more. § 7-4-2 Hawaii 10% without a written contract; 12% for consumer credit transactions; and 10% on judgments recovered in any civil suit. § 478-2, § 478-3, and § 478-4 Idaho Maximum of 12% if no contract exists. 5% plus base rate on money due on judgments. § 28-22-104 Illinois 5% without a written contract, 9% maximum if agreed upon by parties to a written agreement. 815 ILCS 205/4 and 815 ILCS 205/1 Indiana Interest rate may not exceed 8%. Consumer loans may be charged a maximum of 25%. § 24-4.6-1-102 and § 24-4.5-3-201 Iowa 5% with no written contract; for written agreements, 2 percentage points above the monthly average 10-year constant maturity interest rate of US government notes and bonds. § 535.2(1) and (3)(a) Kansas 10% maximum if no other interest rate was agreed upon. Bonds, bills, promissory notes, or other written instruments may stipulate a maximum of 15%. § 16-201 and § 16-207 Kentucky Legal rate of interest is 8%. If a written agreement exists, the rate may be increased to 4% in excess of the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank OR 19%, whichever is less, on loans of $15,000 or less. Any rate is permitted for loans in excess of $15,000. § 360.010 Louisiana Maximum interest rate is 12% per annum. § 9:3500(C)(1) Maine Without a written contract, maximum interest rate is 6%. Maximum rates for consumer credit sales are 30% for first $1,000, 21% between $1,000 and $2,800, 15% for more than $2,800, and 18% on all unpaid balances. 9-B § 432 and 9-A § 2-201 Maryland Maximum is 6% unless a written agreement is established, in which case interest rate can be up to 8%. § 12-102 and § 12-103 Massachusetts 6% maximum interest rate with no written agreement. Charging more than 20% interest is considered criminal usury. Ch. 107 § 3 and Ch. 271 § 49 Michigan 5% if no written agreement exists, 7% if an agreement is made between the parties in writing. § 438.31 Minnesota Interest rate is 6%, unless a different rate is agreed upon in writing. Interset rate may not exceed 8%. § 334.01 Mississippi Maximum interest rate is 8% per annum. “Contract rate” may not exceed the greater of 10% or 5% above the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank. § 75-17-1 Missouri Rate of interest may not exceed 10% if a written instrument exists, unless the “market rate” is higher. § 408.030 Montana Interest rate is 10% per annum. Parties may agree in writing to a maximum interest rate of 15% OR 6 percentage points above prime rate established by Federal Reserve System, whichever is greater. § 31-1-106 and § 31-1-107 Nebraska Maximum interest rate is 16%. § 45-101.03 Nevada Parties may agree in writing to any interest rate. Without a written agreement, the rate shall not exceed the prime rate at the largest bank in Nevada. § 99.040 New Hampshire Maximum rate of interest is 10% § 336:1 New Jersey Maximum rate of interest is 6% without a contract. Maximum rate of interest with a written contract is 16%. § 31:1-1 New Mexico Rate of interest shall not exceed 15% without a written contract. § 56-8-3 New York Interest rate is 6% per annum unless a different rate is prescribed in NY CLS Banking, in which case legal interest rate is 16%. Gen. Oblig. § 5-501 and Banking § 14-A North Carolina Legal rate of interest is 8%. § 24-1 North Dakota Maximum interest rate is 6%. Maximum contract rate is 5.5% higher than current cost of money but no less than 7%. § 47-14-05 + 09 Ohio Written contracts may not stipulate a rate of interest exceeding 8%. § 1343.01 Oklahoma Parties may agree to any rate permitted by state law; otherwise, 6% is the maximum rate without a written contract. § 15-266 Oregon Maximum interest rate is 9%. § 82.010(1) + (3) Pennsylvania Maximum interest rate is 6% for loans of $50,000 or less. 41 P.S. § 201 Rhode Island Interest rate may not exceed the greater of 21% or the alternate rate of 9 percentage points plus the domestic prime rate. § 6-26-2 South Carolina Legal rate of interest is 8.75%. § 34-31-20 South Dakota 12% where no contract exists; no interest rate limit if parties agree in writing. § 54-3-4 and § 54-3-16(3) Tennessee Unless the parties agree in writing, the maximum interest rate is 10%. § 47-14-103 Texas Unless the parties agree in writing, the maximum interest rate is 10%. § 302.001(b) Utah Unless the parties agree in writing, the maximum interest rate is 10%. § 15-1-1 Vermont Maximum rate of interest is 12%. 9 V.S.A. § 41a Virginia Legal rate of interest is 6%. If parties agree in writing, the interest rate may be a maximum of 12%. § 6.2-301 and § 6.2-303 Washington Rate of interest may not exceed 12% OR 4 percentage points above the equivalent coupon yield of the average bill rate for 26-week treasury bills. § 19.52.020 West Virginia Parties may agree to a maximum interest rate of 8%; otherwise, the legal interest rate is 6%. § 47-6-5 Wisconsin Legal interest rate is 5%. § 138.04 Wyoming Maximum interest rate is 7% if no agreement exists. § 40-14-106