Past Due Accounts & Cancellation
Past Due Invoices & Cancellations
All invoices are issued with Net 7 terms. After the eighth day, the invoice is considered past due. We will continue to attempt to charge the credit card on file up to five times per regulations. We will also continue to send out invoice reminders to remind the partner of the outstanding invoice.
Invoice reminders are sent out on the following schedule:
- 1st day - The day the invoice is created
- 8th day - Invoice due date - No notice sent
- 9th day - First invoice reminder - Late Fee Charged
- 11th day - Second invoice reminder
- 13th day - Third invoice reminder
- 15th day - First past due notice
- 18th day - Second past due notice
- 21st day - Final past due notice - Account eligible for cancelation
After the invoice has reached 13 days past due (21 days since the invoice was created), Magnus Box may take the following actions:
- Send out a cancellation email, notifying the partner that their subscription has been canceled.
- Charge any payment methods on file.
- Restrict the partner's access to the Magnus Box portal.
- Suspend all backups on the partner's server.
- Legal action.
- Send the past-due invoice to a collection agency.
- Backup URL is redirected to our suspend page
These actions can be reversed once the past due invoices have been paid.
All data will be purged from the Magnus Box network 30 days after the cancellation email has been sent. Once the data has been purged, Magnus Box will be unable to retrieve the data.
Late Fee
Effective 9/1/2022 - Magnus Box will charge a 1.5% late fee on all late invoices. Magnus Box usually charges partners on the 1st of the month. Don't hesitate to contact us if you would like your invoice date changed to a day that is more convenient for you.
Note
We understand that situations come up and that there are circumstances that are beyond your control. The best thing to do is to communicate with us if you have an issue. We are here to help! Trust me; we would rather work with you than have to cancel your account.
Please email [email protected] with any questions.