Posted by srnotary_CA on 11/4/05 9:25am
Msg #74194

Invoicing

I am wondering whether or not I should invoice every time I do a signing. I did a signing for accusigning a month ago and when I asked if I should send an invoice they told me no the faxbacks were my invoice. Is this right? I know some companies do it this way. I was Just wondering if I should send an invoice of my own as well. I was also wondering how long to wait before sending another invoice? TIA

Reply by MB_AZ on 11/4/05 9:31am
Msg #74195

I would send Accusigning an invoice. You will also need to make a few calls just to get paid...very slow payers in my experience.

Reply by srnotary_CA on 11/4/05 9:37am
Msg #74198

Oh Lovely. I did the signing for them and then went back to resign becasue the borrowers used their RTC because they were not happy with the loan. And their LO was sick so they couldn't get ahold of him. So I went back for another signing. Which of course I Charged them the fee again. They agreed. I guess i should send them invoices for both.

Reply by Angelic Morales on 11/4/05 9:36am
Msg #74196

I did a couple of sigings this month for them. I have a mobile notary business and what I do ... is all signings I accept have to send me a confirmation email. I thne cut a file for each borrower and each signing company. I have microsoft money print out monthly statements for all the companies i sign for the 28th of each month so I don't forget. The program is about $150.00 at Staples. every time I get a siging I enter the info and the fee. EVERY VENDOR gets a bill and all my bills say that after 90 days. I will BILL the borrower!

BUT I AM GETTING PAID!

Good luck its such a cut throat business.

Reply by Rick_NY on 11/4/05 10:17am
Msg #74208

That sounds like a great system! n/m [Re: Invoicing]

Reply by PAW_Fl on 11/4/05 10:31am
Msg #74214

>>> EVERY VENDOR gets a bill and all my bills say that after 90 days. I will BILL the borrower! <<<

Just be advised that you may not be able to collect from the borrower. The borrowers have already paid your fees to the settlement company as part of their closing costs. Your contract is not with the borrowers, but with a signing agency, title company or lender and they are the ones you have to seek payment from.

Reply by srnotary_CA on 11/4/05 10:33am
Msg #74216

So If I put on the invoice it is due upon receipt is that ok or should I add something else?

Reply by PAW_Fl on 11/4/05 10:45am
Msg #74230

My invoices are all marked "Net 30", which means they are due in thirty days from date of invoice (which is always the date of the signing). I understand that businesses have their own A/P cycles and I respect that. Net 30 is pretty common in business. There are a couple of customers that I know pay on funding, so for those, the invoice does state "payable on receipt."

If payment is not received with the thirty days, a friendly reminder is sent with a copy of the invoice. If payment still has not been received in 45 days, a second friendly reminder is sent along with a note repeating the "late fee" notice that is on each invoice. After 60 days, a final reminder is sent stating a specific date payment must be received by, now including late fees, and the possibility of legal action to collect.

In the five years that I've been doing this, I've only had to go to court once (which still doesn't guarantee payment of funds). I've had to send only 4 demand letters, all resulted in payment except one, which I went to court on. So, all in all, in five years, I have an excellent track record of receiving payments. Call it luck, or just being picky who I do business with, but the fact remains, I have been getting paid.

Reply by srnotary_CA on 11/4/05 10:48am
Msg #74232

Okay so some more Questions If not paid by 45 days what is a reasonable late fee? to charge and how often does that fee get tacked on? Sorry still learning the ropes

Reply by PAW_Fl on 11/4/05 11:01am
Msg #74250

Right above the "due date" on my invoices, is printed the following notice:

A 5.0%, but not less than $5.00, late charge will apply to unpaid balances as of 5:00 PM (ET) on the past due date shown below.

The past due date is the invoice date plus the term length, usually 30 days.

I usually 'forgive' the first late charge, but if the bill goes longer than 60 days, the late fee is assessed every 30 days.

Reply by srnotary_CA on 11/4/05 11:04am
Msg #74253

Thanks Paw for the help. I know it must get annoying to get asked so many guestions but I want to do things right the first time.

Reply by PAW_Fl on 11/4/05 11:07am
Msg #74257

If I was annoyed, I wouldn't answer. There are a lot of folks here who offer their time and expertise because they like to do that. Some people are born helpers, some are born takers and some are just born to irritate.

Reply by srnotary_CA on 11/4/05 11:12am
Msg #74264

That is true and I hope I am able to help as well. I know being new i don't know as many of the ropes as some of you but I can offer support and info in what I do know.

Reply by Anne/IL on 11/4/05 11:20am
Msg #74276

Awesome attitude! Should be more like you around here....

Reply by srnotary_CA on 11/4/05 11:24am
Msg #74279

Thank you Anne n/m

Reply by eXpedN_TX on 11/4/05 10:35am
Msg #74218

I send my own invoice every time with my company letter head. I ask for payment upon receipt. I like the paper trail for when I do my taxes. It is possible they may cut your check twice...which has happened to people on this board before, but you can always mail back the extra check. Much better than not getting paid at all. I try to use the loan no. in my invoice to link it to their billing system some how. I still have my own invoice number, however, as a reference number.

Reply by srnotary_CA on 11/4/05 11:52am
Msg #74291

Another quick question

Is it okay to include two signings in one invoice to the same company if the borrowe was the same? TIA

Reply by PAW_Fl on 11/4/05 11:58am
Msg #74293

Re: Another quick question

That depends on how you do your billing and what your customer will accept. Personally, I prepare one invoice per assignment. If there are two packages (1st and 2nd or two separate loans) in one assignment, then one invoice is all inclusive. If there are two separate assignments, then there are two separate and distinct invoices.

Some companies, like ServiceLink/NationalLink only want one invoice at month end. In those cases, I still prepare individual invoices for my own records, but provide a monthly 'statement' that shows each invoice as a line item.

Reply by srnotary_CA on 11/4/05 12:02pm
Msg #74296

Re: Another quick question.....You Are so Awesome!!!!

Ok thanks!!! So though they were the same bo I will do two seperate invoices for the sign and resign.

Reply by eXpedN_TX on 11/4/05 1:30pm
Msg #74311

Re: Another quick question

Two separate invoices sounds like a good idea to me. I think of each invoice as a separate signing. But reall, it's up to you and how you would like to handle it. Once you have your system down, you just keep it as consistant as you can.

Reply by srnotary_CA on 11/4/05 1:50pm
Msg #74324

Re: Thanks everyone for the help!! n/m