Posted by PESA on 2/26/07 6:05pm
Msg #177253
GETTING PAYED
I perform a closing on Jan 24th for Pinney Closing our of GA, I have email my invoices several time, fax the invoices over and now I just fax another invoice with a follow up email invoice and phone call with a late fee, as of March 4th, it will be 2 months and I am starting to lose my patience. Any suggestion out there...........
| Reply by CopperheadVA on 2/26/07 6:13pm
Msg #177255
Re: GETTING PAID
Did you mean to say that you did the closing on January 4th? Because if you did it on January 24th as you stated, then payment is really not that late.
If it's been since January 4th, then try calling the title company listed on the HUD to let them know that Pinney has not paid you and ask for assistance from them. Hopefully they will contact Pinney on your behalf and ask them to forward payment to you. SS usually get embarrassed when the TC calls asking about payment for the notary. I use it as a last resort.
| Reply by TonyV on 2/26/07 8:17pm
Msg #177271
Sometimes signing agencies bill title/lenders right away, some batch their invoices at the end of month and plan for a net30 payment (payment in 30 days).
When you send you're invoice, be aware if your invoice will be inducted right away or at end of month by the signing agency. Then expect a net30 payment from that date.
Doing a signing on the 24th of one month and expecting payment by the 4th of the next is quite unrealistic in this business though not impossible. Just ensure you keep good records.
| Reply by Bob_Chicago on 2/26/07 9:24pm
Msg #177277
IMHO, agressive collection/billing methods for......
a fairly new bill indicate a sense of desperation and/or
a serious lack of professionalism.
Might result in NSA getting paid a little quicker, and also might
well result in not getting called again by that company.
| Reply by jojo_MN on 2/26/07 9:40pm
Msg #177279
I agree with Bob n/m
| Reply by Susan Fischer on 2/27/07 12:21am
Msg #177291
Pesa: Business Accounting 101: Billing Cycles. This is not
a profession that gets immediate gratification - until you build a book of business, get in clients' billing cycles, and generate a 'future' income. QuickBooks is comprehensive; invoicing, budgets, statements, tax info, payroll, and much more. There are other excellent programs, too.
Expecting a check in a month is not a realistic expectation, nor is it an industry standard. That said, there are signing companies who aren't the coldest beer in the 'fridge, and don't have good bookkeeping or accounting practices.
One of the sage voices on this Board said it well: "It should not cost more to collect than to earn the pay." We have all paid our dues finding and keeping our 'good companies,' be they signing services, title companies, or lenders. I think I can speak for nearly everyone to say that professional companies form relationships with professional notary closers. For instance, what does your invoice look like? Your fax cover page? Your language and writing skills? You have competition.
If your local Community College offers Accounting for Small Business coursework, take advantage and grow your business. Contact SCORE and explore small business mentorship. It boils down to how hard you are willing to work, because understanding the basics of the business world, good accounting and recordkeeping, and effective marketing principles will guarantee a successful career - provided, of course, your performance is impeccable.
A good motto: Plan your work and work your plan.
Cheers!
Susie
| Reply by Ndwa on 2/27/07 5:36am
Msg #177298
Re: Pesa: Business Accounting 101: Billing Cycles. This is
***For instance, what does your invoice look like? Your fax cover page? Your language and writing skills? You have competition.***
To boot, your first impression is how you conduct on that very phone call. I only contract NSA with a voice of confident.
| Reply by PAW on 2/27/07 9:13am
Msg #177320
Re: Pesa: Business Accounting 101: Billing Cycles. This is
>>> Expecting a check in a month is not a realistic expectation, nor is it an industry standard. <<<
Huh? I do expect payment within a month. And, as long as I've been in business, not just this business, "Net 30" is pretty much a standard amount of time for payment. Actually, my receivables average about 19 days overall.
| Reply by Susan Fischer on 2/27/07 11:28am
Msg #177340
Re: Pesa: Business Accounting 101: Billing Cycles. This is
Well, Paul, perhaps "industry standard" is too difinitive a term - mea culpa. Of course there are companies who subscribe to generally accepted business practices. However, there are those in this business who don't - and pay whenever they darned well feel like it.
When I had a service business in the construction industry, 30-45 days was a norm, depending on when an invoice was submitted during the billing cycle of a particular builder. On the other hand, some builders cut a check right on the job site at the end of the day, others every two weeks like clockwork, and still a few one-timers I had to hound for my money.
My point to this poster was deeper than discussing "the norm," and I would hope you can appreciate that.
Cheers!
Susie
| Reply by Gary_CA on 2/27/07 10:11am
Msg #177327
Speaking of billing cycles...
I've been chasing my tail so bad lately it takes me a week and sometimes two to send out my bill. The docs get dropped on time, it gets invoiced when I can...
Needless to say I'm not screaming 31 days after the signing (hell, I might not notice it hasn't been paid by then).
BUT... thanks to QB I do get paid on 99% of my signings reasonably quick (before day 60) and I get my nice little bug the crap out of 'em list complete with names and phone numbers starting around day 61.
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