Posted by Newbee on 6/21/04 12:01pm
Msg #3269

I'll try again

When invoicing a signing service do you give them 30 days, due upon receipt, or any other payment terms? I'm not sure exactly what would be the correct way of doing this. Also, when you invoice a direct customer (i.e. escrow, lender, title co.) what kind of payment terms would you give them?

Thank you in advance for any help. ☼Ü☼

Reply by MELANIE~MS on 6/21/04 1:06pm
Msg #3271

To my knowledge which I must admit is limited due to being new too. I have completed 8 signings and I have 1 tomorrow and 1 Wednesday but I have not received payment as of yet for any of them. In your contract or the company rules it normally states approximately how long it takes for turn around for checks to be mailed/received. I haven't had to collect, yet. I hope everyone is honest and pays. There have been some horror stories about companies not paying. This is a trial an error thing.

Good luck

Reply by redonthehead on 6/21/04 1:41pm
Msg #3279

Melanie is correct. If you signed a contract with someone they will state the terms of payment. Usually, they will send out checks on the 15th of the month POST the month the signings were done. With lenders, etc. you will usually receive payment within 2-4 weeks, depending.

Reply by Stephanie on 6/21/04 2:38pm
Msg #3292

In my experiences, I generally know what their payment "schedule" is by way of an agreement or other documentation.

Often, the invoice is a fax back to the company; something that is in the package; the confirmation sheet may also act as an invoice.

I rarely send a separate invoice.
I hope this helps you.

Reply by CA_Notary on 6/21/04 3:02pm
Msg #3293

I don't think it's necessary to give payment terms, and you probably run the risk of irritating the signing company if you do. Most signing companies have a fair payment schedule that they go by; the best thing to do is simply ask up front what it is.

Of course you are going to have the occasional company that screws you over, and those should be dealt with on a case by case basis. If they're gonna screw you over, giving them payment terms isn't going to make any difference anyway.

I keep a spreadsheet of each month's signings. Toward the end of the month I'll review the previous month's signings and see which ones I haven't been paid for. If there are any I'll call the company and ask when I can expect payment. This usually takes care of it. By the time I have to do this, I've already been paid for most, if not all of my signings for the previous month anyway. It seems to me that a lot of companies use the 15th of the month as their payment date.