Grace Period
Grace period is a period of time after a customer has missed a payment.
This is a common feature in SaaS products to give customers a chance to pay after missing a payment before the account is suspended.
Many SaaS products will send a reminder email to the customer during the grace period before the account is suspended or the subscription is downgraded or cancelled.
Most billing solutions allow to define multiple grace periods for different situations. For example, you can define a grace period for new subscriptions, existing subscriptions. When a subscription is cancelled due to failed payment, is also called as involuntary churn.