Posted by Notarysigner on 9/26/13 2:52pm
Msg #486132

Interested in response from people signed up with Skysail

So a lot of notaries are slow or not getting very many loan signings these past few month. I've seen a couple of members of skysail boast of being covered by Skysail $1,000,000.00 E.O. Insurance and therefore didn't purchase any.

My question to you and hoping for an honest answer is, "Are you doing any kind of notary work at all"?

If you fear being attacked, please don't post but at least think about it. You can also p/m me. tnx

Reply by MW/VA on 9/26/13 3:14pm
Msg #486135

I don't have a direct answer to your question, as it doesn't

apply to me. I just wanted to clarify that Skysail isn't an ss. It's a platform that notaries use to submit all their invoices for pay the following week.
Oddly enough, a similar thought crossed my mind today when I was thinking about all the businesses that will be affected by the slowdown.
I do hope you get some responses.

Reply by Marian_in_CA on 9/26/13 3:18pm
Msg #486136

I haven't signed up with them but a few things I've noticed...

1. They've become so popular they have a rather long waiting list. Apparently they are only inviting about 25 new notaries a month to sign up. This tells me that they're probably at capacity and may be setting something to require a minimum number of transactions to remain active in their system. I don't know if that's true... but I can see that happening. I'm wondering if their legal team an dinsurance carier have capped the number of employees.

2. Quite a few signings services will not hire notaries working for SkySail. That's right, notaries who sign up for this "program" are actually becoming employees of the Fee Guarantee program.

To me, this is a slick way of a company to filter new assignments through specific signing companies to notaries. Seems to me that they are a second or third party signing service.

What bothers me is that they outright tell you that you can cancel your personal E&O policy. That's troublesome advice to give to independent business owners. Well, that only works if you ONLY work for companies who use Skysail/Fee Guarantee. Not all companies use them... and many refuse outright. I've been told several reasons for that. Some of it is contractual, some of it is collection methods, etc. At any rate... not every company will agree to it. So, if a notary chooses to work for a company not contracted with Skysail, they aren't covered under the E&O.

Seems to me that they're targeting notaries who don't have much of an understanding of business. I'm sure it may be useful for some people.... but it seems sketchy, especially if they're maxed out on space for new "members" -- which is deceiving because they're employees.

Finally... I have privacy concerns with this. They require you to send them a copy of your signing confirmation order. This seems to be a privacy issue. Do the title/escrow companies, or the customer know that their information is being given to a third party hiring company? They also have a feature that lets you upload the signing package o their server. Uhhhh.... really?? Again, why?

Now, in order to allow this, these companies will have to agree to receive invoices and work through Skysail and be aware of these features. So, it would be as if they're hiring Skysail to handle the signing and using a subcontractor employee. There's nothing wrong with that.... but I have to wonder how many companies actually agree to work with them, because I know of several who won't and would never a hire a notary that works with them.

Reply by MW/VA on 9/26/13 3:22pm
Msg #486138

IMO it's no different than large cos. that use 3rd party

billing or payroll services. I know these folks & there's no ulterior motives. They're out of the ss business.

Reply by Marian_in_CA on 9/26/13 3:32pm
Msg #486140

Re: IMO it's no different than large cos. that use 3rd party

I don't think that they have any specific motives... I hope that I didn't give that impression. I wouldn't call them a payroll service, though. You have to agree to become an employee of the group, though, and it's only effective if the company has agreed to be billed through the group and all of the associated requirements. I think that's the sticking point because not all

And, I think it's really dangerous that they outright tell notaries they can cancel their E&O policies. That's *only* true if the only notary work you do is always billed through the group. Besides... what kind of E&O is it anyway? Is it just a Notary E&O Insurance policy or a signing agent policy? If it's a signing agent policy... is it effective in the state where you reside? Not all of us can get signing agent insurance. For instance, even here through NotRot, CA notaries cannot get Signing Agent coverage. If it's only notary E&O, do these notaries understand the limitations of that coverage?

I'm not saying it's a bad service at all... I just have a lot of questions and reservations about it.

Reply by Christine/OK on 9/26/13 3:53pm
Msg #486144

My research results mirror Marian's experience. n/m

Reply by PRnotary/WA on 9/26/13 4:21pm
Msg #486149

I use Skysail

I have had a very good experience with them.

I will continue to funnel all my TC and SS notary payments through them.

I do lots of GNW so I have my own E&O policy. I like being covered by Skysail's $1 million E&O policy for work I do that is paid for through them.

I HATE chasing down payments. Skysail's fee of $4.50 (3% of my minimum fee of $150) is a bargain as far as I am concerned.

Reply by Notarysigner on 9/26/13 5:55pm
Msg #486164

Re: I use Skysail

Thank you Sooo much for answering my question. At least you're doing it right!

Reply by Les_CO on 9/26/13 5:38pm
Msg #486162

Wow….skysail….sounds great….except my favorite SS have always paid like clockwork, in less than 30 days, have their ‘own’ accounting billing/payables system, refuse to pay anyone but the actual Notary Public (won’t send payments to Hugh’s ex’s) that does the job (for their insurance, and quality control), cover their approved notaries with an insurance umbrella of $1 million (on Provident loans etc.) and send out 1099’s at year end to those they actually (and can prove) pay. So when I start to want to work for thieves and deadbeats, I’ll send my invoices on their jobs to Skysail, but I don’t WANT to work for deadbeats, and I sure don’t want Skysail to send me James’s 1099 for $10,000 instead of mine for $700. In other words for me…..No Sale! (or no sail) JMO

Reply by desktopfull on 9/26/13 8:00pm
Msg #486176

If you have to agree to be an employee of Skysail, that means they would send you a W-2 not a 1099, it also means that you would file a W-4 and they would be collecting withholding and FICA taxes. That would certainly muddy the sole-proprietor/employee picture for the IRS, wouldn't it? Uh, I'll go with "Thanks, but No Thanks."

Reply by JanelWI on 9/27/13 2:41pm
Msg #486281

I dipped my toes into the Skysail pool briefly and cautiously. I have to admit it was quite appealing to not have to chase payments or even think about chasing payments. In addition to not having to wait 30 or even 45 to get paid. I had the benefit of the money I earned right away, minus their fee for the service. There was nothing in the paperwork that said I was an employee. The $1 Mil in E&O was to cover "independent contractors". Everything was clear that we maintained our independent status. If that changed recently, I can not speak to that.

However, the reason why I pulled back from Skysail was that the companies I submitted were sending me the checks that should have been sent to Skysail. Even though I was sending their updated W9 and insurance...it was still happening. It was becoming a logistical accounting nightmare to keep track. In addition to that, you have to report to Skysail that you received the payment so you are not double dipping at the end of the day because they already paid you the week after minus their fee. So, once you report it, you technically are bound to keep putting invoices through Skysail to cover the checks you received and thus they allow you to just deposit the check rather than forward it on to them.

This was a cycle I was not sure I wanted to be bound and I am therefore re-thinking the system they have created. However, they were always very open and responsive to all my questions, upfront and professional.