Posted by ME/NJ on 10/4/06 12:32pm
Msg #150185

How many people taking jobs that pay

after 45-60 days. I now go over payment terms with all new companies, and most will pay within 30 days of service, but there are SS out there that are on a 45 day or longer period.

These companies need to wake up.

1. Since we (notary) are extending the credit, we dictate payment for service.
2. SS - have you told your creditors - no I'll pay you 45 days or longer.. Don't think so

My rolling AR is about 21-28 days, if I had to wait over 45 days on all my clients I would need to reach into my business line of credit to cover my bills.

So what do you guys think.

Reply by LkArrowhd/CA on 10/4/06 12:48pm
Msg #150189

If they pay 45-60 days out, who needs them.......decline

the work.....

Reply by lizbeth on 10/4/06 12:51pm
Msg #150192

Re: If they pay 45-60 days out, who needs them.......decline

That is another point also. Agreed. Depending on my company I may use them as supplement, because I have enough good job sources that keep me going and pay every 2 wks or as soon as they receive payment.

Reply by LkArrowhd/CA on 10/4/06 12:53pm
Msg #150196

Re: Yes Lizbeth this is how they should all do business,

there is little to no reason not to pay timely except poor business management on their part.

Reply by lizbeth on 10/4/06 1:10pm
Msg #150205

Re: Yes Lizbeth this is how they should all do business,

You are right on! I get upset with the poor work ethics in today's workforce.

Reply by lizbeth on 10/4/06 12:49pm
Msg #150190

I definately agree. I downloaded the templates from the NSA for Reminder and Delinquent accounts.
After doing escrow I know for a fact that as soon as the loan is recorded the file is balanced and all checks are cut. Dept of Corp says they have 48 hrs to disburse the money. (unless it has changed).

I feel 30 days is more than enough payment time. 45 days is pushing it, but look at your independent contractors agreement and check to see what the company's payment schedule is. If the company has one.

A lot of large corporation pay on a 60 day, but by all rights we are independent contractors that are not considered employees and we are called on only when needed therefore we should be paid according to completion per job. That's why we invoice per job completion.

At 30 days I send Reminder letters and note that my bills are on a 30 day billing cycle.

After all, we need to buy gas, business supplies and pay our utilities to be able to perform for them.

Reply by LkArrowhd/CA on 10/4/06 12:51pm
Msg #150194

Re:Lizbeth sorry to say but I don't think they really care

about your bills, for many of these companies it's all about them not us....

Reply by lizbeth on 10/4/06 1:09pm
Msg #150204

Re: Re:Lizbeth sorry to say but I don't think they really care

True. Just like to remind them we are a business also. I'm sure it goes in one ear and out the other.

Reply by DD/OR on 10/4/06 1:21pm
Msg #150214

This is one of my pet peeves. I own another business so I don't rely on the SS paltry pay. We not only have to chase after our money but the SS make the majority of the money. For instance, Loansigners collected $260.00 for a closing and still owes me $90.00 for 2 months. They should pay us half of what they charge. I'm not working for Signing Services anymore. I think there's something wrong with Title and Mortgage companys that hire deadbeat companys. Ace Mortgage uses Loansigners. I called Ace Mortgage and told them that Loansigners is an unreputable company that doesn't pay their notaries. Ace Mortgage probably doesn't care because they hold hands with the Signing services and are equally culpable. It's amazing how they think that Mortgage or Title company's isn't responsible for paying the notary when in fact they are. We work indirectly for Title/Mortgage co. andc by accepting our work, the Title/Mortgage co hires us indirectly. When they receive the loan docs from us, they implicate themselves and make themselves equally culpable. They're not too bright. I worked for attorneys for awhile and studied law as I used to be a paralegal I'm self employed. I think I answered your question.

Reply by lizbeth on 10/4/06 1:35pm
Msg #150225

I was just talking to my sister about how to advertise. From the beginning of taking this LS position, they advertise Big $ doing this. Yet it seems the SS have the market or am I stupid?
I had a LO ask to work with me directly then call me back and say they can choose whoever they want as a signer, But SS guarantees the work and takes full responsibility.

So we end up doing quanitity over quality. And the shame or injustice is those of us who do quality work should be paid full notary fee.

With the slow down in the market I have had companies try and lower the fee because they claim the lender is cutting them on theirs.
Can you believe that?