Posted by MonicaFL on 7/31/13 12:06pm
Msg #478729

Beware

I ALMOST signed up for a "feeguarantee" company called Skysail Group. Here's the scoop - if you get direct deposit they charge YOU a 3% fee for that. If you get a "paper check" from them, they charge you 4% of your fee. Luckily I really checked all of this out before I actually signed the contract - FYI, they have a link on directclosers website. Unless you want to give away some of your hard earned money, don't click on that link.

Reply by Jessica/FL on 7/31/13 1:10pm
Msg #478742

I am not sure what I am missing about your post, but isnt that part of the deal? Do you think they would guarantee your money for free? I personally wouldn't do the fee guarantee, but I could understand why some people may.

Reply by Luckydog on 7/31/13 1:20pm
Msg #478743

Agree with Jessica, it is a business, and as such, I do not understand how they can maintain a business on a 3% profit for very long, take all the risks, insurance, and cost of operations on such a low profit.

Reply by MW/VA on 7/31/13 1:24pm
Msg #478745

I know notaries are suspicious & should be at time. I have

said it before--I know the people who started up this program. They are legit & always paid notaries when they operated as an ss. There is a 3% fee, and that works for some who want steady payment every week. I don't necessarily need to know how they're making money at this.

Reply by Luckydog on 7/31/13 1:32pm
Msg #478748

Re: I know notaries are suspicious & should be at time. I have

I also know Kris for over 8 years, and not saying he would deceive anyone, just stating from a business and not a personal view, do not see how this can work without a backup way to make money. No one does business from the good of their heart, and people need to think outside of the box a little before joining into something giving them your paychecks, and not fully understanding how they can make a profit. When he had his SS, he made at least a 25% to 50% commission on your closings...he went to do this to make 3% and kick out all this money up front to collect on the back end? Just have to really open your eyes and see a bigger picture, whatever that is.

Reply by MW/VA on 7/31/13 1:37pm
Msg #478749

Well, they're also making money on training, etc. I wish

them well in this endeavor. When I was asked for feedback about the concept of getting a guaranteed payment my comment was "that's every notary's dream". There are several notaries here that are using it & seem satisfied with the results.

Reply by ME/NJ on 7/31/13 1:43pm
Msg #478751

Re: Well, they're also making money on training, etc. I wish

He seems to pay, Banks and Credit companies charge a 2-4% fee for services on each transaction, you need to adjust fee's to cover cost of business. I don't know what the fee's are he offers but if you do 1K a month with him it cost you and extra 90-120 dollars (you gave away one signing in fees in one month)

Volume is the only way it works for him. Get enough of a data base he can reduce his cost to clients and put more burden on people looking for work.

Reply by Lee/AR on 7/31/13 2:04pm
Msg #478755

check your math--3% of 1k is $30... Rolomia, here ya go n/m

Reply by ME/NJ on 7/31/13 2:21pm
Msg #478758

Yes you're correct hit button to fast on phone no edit here. n/m

Reply by JanetK_CA on 7/31/13 1:52pm
Msg #478753

Re: I know notaries are suspicious & should be at time. I have

Here's my guess... As a signing service, they would need more staff to deal with clients, scheduling, notary questions, etc., and they're only making money on the signings they schedule from their own clients. With this plan (which I haven't looked into at all and probably won't bother doing), it seems to me that they're taking a much smaller cut of a potentially much, much bigger pie, as all the signings conducted by all their member notaries can bring them revenue.

Certainly not everyone will be interested in this type of a program, but they apparently believe that enough will to make it worth their while. Hopefully they've done their business plan and have figured out the numbers. Isn't it pretty similar to what credit card companies do? They seem to be doing just fine.

Reply by Notarysigner on 7/31/13 2:10pm
Msg #478756

Maybe you'll hear from some of the SS who refuse to hire

notaries the participate in Kris' program. I spoke with him (email that is) at lenght about this and I think it's legit but I wouldn't do it!

Reply by MW/VA on 7/31/13 2:26pm
Msg #478760

There are a couple of ss that have posted here that they

won't use a notary who subscribes to the program. I don't think that's fair, since how a notary chooses to be paid should be up to them. Again, it always sounds like I'm promoting that program, but I will always stand up for those people who are simply offering a payment alternative.

Reply by Notarysigner on 7/31/13 6:44pm
Msg #478799

Re: There are a couple of ss that have posted here that they

I understand that Negrete is one Marilyn.

Reply by Harold Morrow on 8/2/13 2:02am
Msg #479017

Re: There are a couple of ss that have posted here that they

In my opinion, it's a control issue with these 'brokers'. I had one that gave me his FedEx acct # instead of his legitemate mailing address.. I think he got a kick out of lowballing my fee (85.00 instead of 125.00) claiming that he has the entire acct for Huntington Banks in MI so he can offer volume to his (allegedly) 124 brokers that he gives leads to...I figure I better stand up for myself early in my career or I'll fall for the b.s. these brokers will try to shove down my throat.
3% off the top plus 1mil E&O coverage with my money paid to me weekly...I know that there are many of you that have enough deals in the "pipeline" so that this is not an issue to you. Congratulations. But consider this: Here is a company that has addressed a long standing issue regarding timely payments by guaranteeing WEEKLY payments to notarys (which should be an ideal scene for any notary,) and they are actually being critisized for getting paid a very modest commission for this service (that is tax deductable.) I would say to the "old pros" out there that as long as your current list of brokers and title companies are paying you on time, do not change a thing...but if you want to expand your number of companies to work for, why not put them in this program to increase your weekly cash flow just to see what happens...And by the way, if you read the E&O insurance contract, you will find an additional feature that can create MASSIVE leverage on behalf of notarys...but YOU have to look for it.

Reply by Harold Morrow on 8/2/13 2:26am
Msg #479020

Re: I know notaries are suspicious & should be at time. I have

If he is able to create a new cadre of SS's and notarys that send him their business ( His E&O policy covers not only the notarys that sign up under him but also the notarys that sign up under other notarys as well...So they in turn can guarantee their notarys a 2 week turnaround on their pay which is on par with a lot of major title companies). This type of leverage can force thecurrent SS's to 'get with the program', or go the way of the dinosaur. In achieving this, a 3% fee on every signing will look real good..oh and do you think that he could use this leverage to increase our fees across the board in this industry since the more WE make, the more HE makes? Sounds kinda sybiotic to me. Ya Heard?

Reply by ME/NJ on 7/31/13 2:39pm
Msg #478763

Just went to site

If you work for slow paying companies this could work for you, now what if the company you work for is a dead beat and Sky Sail pays you, will they deduct the payment from your account. Looks like they would bill for you too.

If you have a good client list and customers who pay like clock work then this program is not for you.

Reply by sueharke on 7/31/13 2:54pm
Msg #478768

Re: Just went to site

In accountant speak, this is factoring or selling your accounts receivables at a discounted price. This is very common in business that has a lot of accounts receivable and need to improve cash flow. The discount your pay MAY be deductible on your income tax, depending on the facts and circumstances and the 1099's the IRS receives.

Reply by MW/VA on 7/31/13 2:59pm
Msg #478771

Too sophisticated for me, but I was guessing that there

was something else like this at work. Thanks.

Reply by ME/NJ on 7/31/13 3:11pm
Msg #478775

Re: Just went to site

Per SkySail, you cannot use old AR you are only using new billings when your approved. Like I said if you have a good client list no need for them. Plus vendors may night like them because now it looks like they hired SkySail and not you if you use them for billing. Payments would go to SkySail.

Reply by MW/VA on 7/31/13 3:32pm
Msg #478777

They have a list of cos. they won't accept pay guarantee for

either. It's not designed to have notaries work for deadbeats & still expect to be paid.

Reply by sueharke on 7/31/13 8:29pm
Msg #478810

Re: Just went to site

Writing from the accounting perspective. Other professionals hire billing services, why not a notary? Does the SS/Title/lender's doctor, dentist, or other professional do their own billing or hire a service? Would a vendor not do business with you because you outsource your billing? Would a vendor stop using his doctor, dentist, or podiatrist because he or she outsources billing? SkySail sounds like a company that found a niche undiscovered by other notary services.

Reply by MW/VA on 8/1/13 2:32pm
Msg #478888

Exactly, Sue. That service is a small fee to get rid of the

billing issues side of this biz. I'm working mostly directly for tc's, or I'd be using it.