Yes, with eRentPayment you can specify what day of the month rent is late after and what fee to charge for late rent payments and the system will automatically generate a late fee transaction for late rent payments. When a fee is charged for late rent payments a separate transaction will be created to debit the renter instead of adding the fee amount to the rent payment. There isn't an additional transaction fee for the late fee transaction though. The late fee transaction is scheduled for 2 days after the rent payment in order to provide time for the property manager to cancel the late fee before it is transmitted to the ACH system if warranted. The automatic late fee only applies to rent payment transaction types and not other transaction types, such as security deposit or utility payment for example.
You have the option to specify a Flat Fee, a Per Day Fee, and a Maximum Late Fee to charge. Each option allows you to specify the late fee amount as a flat dollar amount, a percentage of the amount paid by the renter, or a percentage of the Payment Amount listed in the property record. The Late Fee settings can be located on the Add and Update property screens as they are Settings 15, 16, and 17.