The following are a few general insights regarding the management of your Accounts Receivable transactions. These are not necessarily in order of priority . . .
- ALWAYS submit an invoice directly to your client; that is, unless theyâve specifically identified that one isnât necessary.
Of course, youâll want to follow that account across the âmaiden voyageâ to ensure that business entity DOES pay without receiving an invoice directly from you. After that confirmation of successful payment, continue to monitor receipt of payments.
- DO keep an abbreviated payment turnaround interval.
A reasonable payment timeframe with a Title/Escrow Company [T/EC], Attorney, etc. is 5 to 7 calendar days.
For Signing Services [SSs], 7 to 21 calendar days.
Anything longer than those intervals is considered an EXTENDED interval for payment.
- Trust (but verify).
Always vet a client PRIOR to the initial transaction. Ask âWhat is your payment interval?â
Be certain that you confirm the interval is in calendar days or business days as thereâs a LARGE difference between the two . . .
Accept the Signing Order [SO] if it meets your criteria and add the caveat that youâll be researching their business regarding payment history & may need to return the SO to them if there are concerns.
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Remember to always keep notes about the payment interval agreement.
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If you have a NEW client with one outstanding invoice, hesitate on accepting additional SOs until payment is made.
Why? Often, business entities that have a âsketchyâ history of paying Professional Signing Agents [PSAs], theyâll often schedule MULTIPLE SOs close together with you. Before you know it, you have a NEW client with 5 or 6 outstanding invoices! Non-payment could result in financial difficulties . . .
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Be Professional.
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Remain calm.
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Donât respond to ad hominem attacks (nor reciprocate).
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Take legal action when all else fails . . .
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