Posted by Notary/ on 3/25/13 10:45pm
Msg #463011

http://www.feeguarantee.com/

I just visited Fee Guarantee's website and am asking for comments and experiences with this service from other notaries. www.feeguarantee.com

The most intriguing thing that I saw is that they extend their $1,000,000 E&O policy to cover notaries utilizing their other service which is a 1 week guaranteed payment of all signings completed the prior week for a 3% fee.

If correct, I understand that some lenders will only work with signing services because the lender requires $1,000,000 E&O insurance which few if any notaries carry. Could this enable notaries to work directly for such lenders and do so without a SS?

Reply by BobtheElder on 3/25/13 11:17pm
Msg #463017

Just looked at it. Not sure how much use it would be, except when you have SS that are slow-pay... they must have a good collections dept

I've often wondered why the lenders want such high E&O coverage... maybe we should ask lenders for their E&O coverage...

Reply by JPH13/MO on 3/26/13 12:05am
Msg #463025

Some companies may stop using you if you use this

They seem to think the place is collecting their info and are not willing to pay you this way. Look for older post about this subject for more info.

Reply by ToniK on 3/26/13 7:01am
Msg #463035

Re: Some companies may stop using you if you use this

Actually I only recall ONE SS saying that on this board.

Reply by Linda_H/FL on 3/26/13 7:18am
Msg #463038

There were two Toni...Negrete's & PMN n/m

Reply by ToniK on 3/26/13 7:14am
Msg #463036

Its possible. Try it out and let us know.

Reply by Pro Mobile Notary on 3/26/13 10:36am
Msg #463066

You are only covered under the "blanket" E&O coverage of a signing service if (and only if) you do a signing for that service and the transaction is invoiced by that service that is offering the blanket E&O coverage.

As a signing service we would immediately stop using any signing agent that 'factored' their accounts receivable with Fee Guarantee or any similar company. We do not need another signing service knowing precisely who we use, what we pay them and who gave us the signing assignment.

As an economist that has owned companies that have used receivable factoring, there is no way fee guarantee can survive on a 3% fee with no recourse to the NSA is the transaction does not close. Yes, I had a dialogue with the folks at feeguarantee.com

Reply by Priscilla Witman on 3/26/13 11:39am
Msg #463080

This is just my opinion.

If the payment terms a company presents to me (TC, SS, etc.) are not agreeable to me, I just decline the job. I don't just consider the payment amount but also the time to receive it. I also do not work with companies that I believe I will have to chase payment with, no matter how much they offer. Anybody can say they'll pay $xxx, but if they didn't intend to pay it in the first place, it means nothing.

I don't want to pay someone else to collect my ARs, unless it comes down to a small claims action. I can handle net 30; I'd rather wait the 30 calendar days to get my full fee than get 97% of it in whatever time frame they promise. 3% doesn't seem like much, but that's 3% of a payment that I worked to earn. This is just my opinion. I don't know anything about the company itself, but I can understand the premise.

Reply by Pam/NM on 3/26/13 11:59am
Msg #463096

Too many red flags

How can they survive on 3% without a huge volume unless they seldom or never pay out?
I feel like they are "mining" for information. Both mine and whoever I am working with.
Priscilla is right. 3% is 3%. I like my occasional Sbux, too
If you decide to go for it, let us know how it works out.

Reply by jnew on 3/27/13 11:24am
Msg #463310

Re: This is just my opinion.

Easy to determine. Take 3 per cent of your total billings and subtract your losses from the year. If the remainder is positive you don't need it.

Reply by MW/VA on 3/26/13 2:40pm
Msg #463152

I'll say it again. I know the folks who started up this

concept & it is legit. It has to be an individual/business decision like anything else.
It means a weekly paycheck more or less. Reduces the risk of having to chase money & waiting 60 days or more like happens sometimes. I'm not selling it. Everyone needs to weigh the pros & cons.