Posted by PJM/MI on 6/28/08 11:07am
Msg #253479

Late payments & Service charges

Just a thought.. anyone charging a service fee for LATE payment?
I'm thinking about putting it on my invoices that any payment more than 30 days late wil lbe subject to a service fee.

Reply by UKCowboy_CA on 6/28/08 11:17am
Msg #253483

Yes, that will really scare them into paying!

Reply by PJM/MI on 6/28/08 11:26am
Msg #253488

UK, Don't know how long you've been at this business..but you're reply wasn't very professional.
I certainly don't want to SCARE them (as you so aptly put it), just to let them know the longer they drag out payments, the higher the bill goes.

Reply by CaliNotary on 6/28/08 1:22pm
Msg #253504

And then what happens when they eventually send you payment without the additional late charge?

Reply by ME/NJ on 6/28/08 11:25am
Msg #253486

$25 late fee after 30days n/m

Reply by PJM/MI on 6/28/08 11:27am
Msg #253489

Re:THanks ME/NJ! NM n/m

Reply by MikeC/NY on 6/28/08 6:37pm
Msg #253548

Don't waste your time - any late fee you charge will be ignored. Consider yourself lucky to collect what they originally agreed to pay.

I'm not trying to be critical; this is just the way it works. Notaries are a commodity, which basically means that if you won't work for these companies on their terms, someone else will. Unless you can offer them something that they can't get anywhere else, payment is ALWAYS going to be on their terms rather than yours - you have zero leverage.

That doesn't mean you should stop trying to collect, but if they're dragging their feet in the first place, they're not going to add more money just to compensate you for waiting...

Reply by Cari on 6/28/08 11:47pm
Msg #253579

Hey, if some SS & TC reduce our fees because...

docs were sent from the TC overnight and not e-docs (recent incident btw), or for whatever other stupid reason, then we should be able to charge AND collect fees on late payments.

When I get the confirm via email, I write back and ask about cancellations and how much would I get paid in case the BO doesn't sign, or show up, etc. I think I'll start adding if payment is not received w/in 30days, a 1.5% late fee will be added to the bill...hmmm something to think about.

Reply by MikeC/NY on 6/29/08 9:48am
Msg #253598

Re: Hey, if some SS & TC reduce our fees because...

"we should be able to charge AND collect fees on late payments."

And I should be dating a supermodel...

You can certainly charge whatever late payment fee you want; my point was that you will probably be unable to collect it.

Reply by nolanotary on 6/29/08 7:22am
Msg #253587

I have the following text printed an every invoice I send out, "Total invoice amount must be received by posted due date. Outstanding balances are subject to late charges of 1% monthly / 12% annual." I don't normally enforce payment of the late charges unless the invoice goes to collections or small claims court. I learned many years ago to list late payment penalties on my invoices, after having to pursue collections on a few unpaid invoices which ended up in small claims court. The judge told me that if I would have listed this on the invoices in question, he would have granted me those amounts also, but since there was no late charge listed, the most he could do was grant me payment of the invoice and my legal costs.

Reply by LisaWI on 6/29/08 12:24pm
Msg #253625

Which brings me to the question of, what do you do in the event there is no invoice needed for a particular company? I agree it should be somewhere in writing preferably an invoice, but some comps dont require an invoice to be issued to them.

Or do all the comps you work for get an invoice whether they want one or not?