Posted by Grace Gully on 6/3/07 10:49pm
Msg #193493

How long do you folks wait before chasing payment

30, 60, 90 days. After invoicing?

Reply by Larry/Ca on 6/3/07 11:19pm
Msg #193494

I will wait 90 days because chasing money is my least favorite part of this business. Because I wait so long it is rare for me to have to make a collection call. Since there is always a pipe full of money it doesn't bother me that some of this is old money.

Reply by Larry/Ca on 6/3/07 11:20pm
Msg #193495

I will wait 90 days because chasing money is my least favorite part of this business. Because I wait so long it is rare for me to have to make a collection call. Since there is always a pipe full of money it doesn't bother me that some of this is old money.

Reply by Larry/Ca on 6/3/07 11:20pm
Msg #193496

I will wait 90 days because chasing money is my least favorite part of this business. Because I wait so long it is rare for me to have to make a collection call. Since there is always a pipe full of money it doesn't bother me that some of this is old money.

Reply by Larry/Ca on 6/3/07 11:21pm
Msg #193497

What happened ???? sorry n/m

Reply by PAW on 6/4/07 4:51am
Msg #193502

Depends on what you mean by "chasing". All my invoices (with a couple of exceptions) are NET/30. That means payment is due within 30 days. If not received within the 30 days, there are dunning letters sent to the hiring agency. A friendly reminder is sent on the 31st day. First dunning letter at 45 days, second at 60 days and a final demand for payment at 75 days. After 75 days, collection procedures are started and the hiring agency is notified that collection has started.

Reply by Sharon Taylor on 6/4/07 7:40am
Msg #193512

I wait 60 days usually

On the 1st of each month I look at my Excel spreadsheet. One sheet lists all closings with details, including the date payment was received. Paid closing fields are filled with a light green so I can spot them easily. I copy that to another sheet, delete all paid closings on the second sheet, and then follow up on all that are 60+ days old or close to that. I pull my files for each company that's overdue and either send faxes or make phone calls. I don't email anyone as the invoice needs to go to the Accounts Payable department, and that's who I address the fax or phone call to. As I follow up, I note in the Remarks field on both sheets what followup action I took and the date it was taken.

Reply by SharonMN on 6/4/07 8:24am
Msg #193516

Depends on the company

When a new client hires me, I ask about their payment policy. Presuming we come to terms and I do the assignment, I then follow up as soon as I have time after the promised payment date plus about a week for mailing. I prefer to get paid within 30 days, but I'm not about to waste my valuable time sending overdue notices to a client that won't pay until 60 days - doesn't make business sense.

Reply by PL on 6/4/07 9:02am
Msg #193525

With the # of SS's and TC's going belly up,

I would start with the friendly reminders on the 31st day. Come the 45th day you send a little more forceful letter and perhaps a call, come the 60th day a call and the most forceful letter you want to write.

Reply by Linda_H/FL on 6/4/07 9:43am
Msg #193528

31st day I fax or e-mail invoice asking for status of payment - and follow up every other week after that - so far I haven't had invoices go over 60 days so I've been fortunate.

Reply by Sharon Taylor on 6/4/07 11:08am
Msg #193541

Sounds like I'm too lenient

It is frustrating to do all that work, incur all the expenses for paper, toner, gas, extra miles on the car, phone calls, etc., etc., and then wait and wait and wait to be paid. The title companies and signing agencies get their fees pretty quickly after the closing is funding, right?
I do have some good signing agencies that I know are very dependable on payment, and their terms are typically that all closings within the first half of the month are paid on the 15th of the following month and all closings within the secnd half of the month are paid on the last day of the following month, which puts some payments as much as 45 days after the closing.
However, there really is no excuse for payments to go to 60+ days after the closing.