Posted by Rickwoca on 1/5/07 7:20am
Msg #169328

Retainer

I would like to hear from anyone that uses a retainer for large customers. I could be doing large volume of loan signings with this mortgage company. Any input would be appreciated.
Thank you in advance.

Reply by Lisa Prestegard on 1/5/07 7:44am
Msg #169333

I have one particular client that sends many closings my way. Instead of a 'retainer', I set a credit limit. If within 30 days their credit limit is reached, I make a phone call asking that the open invoices be given attention to bring them back within their limit.

Never a problem doing business this way, in my experience.

Reply by Jersey_Boy on 1/5/07 8:22am
Msg #169342

I give all of my clients a credit limit. The Limit starts out small and gradually grows with time and payment history.

It's a very scientific formula that I use to base the limit of credit I extend to my clients.

# of signings + Payment History + Alignment of Planets x Whatever I feel like = Credit Limit

Reply by Charm_AL on 1/5/07 8:22am
Msg #169343

A credit limit is a great idea. That way they know and expect an invoice or call when they get close. I think this will help avoid a lot of headaches later on. Good point Lisa.

Reply by Charm_AL on 1/5/07 8:20am
Msg #169340

how large is your customer? Does he require two airplane seats? We have to know this ya know.

Reply by ME/NJ on 1/5/07 9:36am
Msg #169370

If I cannot confirm the payment history of TC or SS this is what I do.

TC - Limit Service to 1000-1200 in a 30 day period.
SS - 500-750 over the first 45 days.