Posted by Art_MD on 5/9/05 9:18am
Msg #36619

slow pay - or is it per agreement?

There are continually post re: slow pay.
But, a number of companies have policies such as:
"paid by end of month following closing"
"paid within 45 days"
"paid within 30 days"
etc.

If the company meets their agreed upon schedule - don't complain. They may be slow, but you've agreed to the slow pay schedule.

I've done a quick analysis and the average time between closing date and check date for the year is 26 days. Some are real quick, (ILS, TCT, NASCO), which brought the average down. At any given time I have 5-6 weeks worth of fees outstanding. This doesn't bother me - I get paid eventually. Only 3% are over 60 days for the year.

My definition of slow pay is : Failure of SS/TC to pay within agreed upon timeframe.

Art

Reply by Stephen_VA on 5/9/05 9:32am
Msg #36621

Your right on the money Art. I don't pay any special attention to them unless it is past 30 days beyond the signing date. Then I review the information on their payment policies and send a fax or email to those who are signing+30 or make a note to contact them in X number of days.

Which reminds me, I think I need to bill one of those EOM invoice companies.

Reply by tynan on 5/9/05 9:43am
Msg #36623

Art

You are so correct. More of us need to think like you do and maybe we won't sound like we are constantly barking over matters out of controll. I appreciate you honesty

Reply by Kim on 5/9/05 2:43pm
Msg #36690

We have recently started asking for the pay schedule as part of the confirmation so we know up front when to expect a payment. If we do not agree with it we reply with our expected payment terms. If they don't agree or we cannot come to an acceptable compromise, they are free to find someone else.

Reply by BrendaTX on 5/9/05 2:54pm
Msg #36694

Today, I contacted a company about an invoice for a job on 4/04/05. It's only a few days past 30, but it was a new company so I wanted to find out what the status was.
Well...here's a new one.

It's not due to go out until 30 BUSINESS days after the date of service...therefore, to them 30 days will be May 16.

Reply by Art_MD on 5/10/05 7:36am
Msg #36857

Re: 30 business days ?

Does Sat count as a business day? It does for RTC.
If they are in the loan business, follow the definitions of the business - sat counts. !!

Art