You can find the location for adding a late cancellation fee in the "Penalties" tab.
A late cancellation fee is currently the only penalty type that that can be created, so it will be the only one to show up in the "Type" drop-down.
Enter a label to give the fee a unique name, and click the "Add Fee" button. Your new fee will show up in the table below, and can be edited by clicking on the pencil icon under the "Edit" heading. Editing will allow you to set up the penalty charge and date. You can also add a message outlining the late cancellation fee, which will be visible in the reservation acknowledgement email.
Label: Unique name of fee
Penalty Charge: Charge amount
When: All reservations cancelled after date will be charge a cancellation penalty
From the guest perspective, when they cancel a reservation using their Change Link within their confirmation email. A notification of the Cancellation Penalty will display during the change process review.
When accepting the cancellation in the change request tab, the option to either charge or waive the fee becomes available.
Once the cancellation is approved and the charge option is selected, the fee will apply to the credit card attached to the reservation. To review this penalty, head back to the reservation and select the transaction tab.