While there are many positive aspects to this business, there are also challenges. Often, we operate on an account receivables basis, which refers to money owed to a business for goods or services that have been delivered but not yet paid for. We extend credit to individuals or businesses whose creditworthiness has not been established. I request payment in advance from new clients if these terms are not acceptable; I am willing to forego their business. For companies, I conduct a search for any negative feedback or reviews to decide how to proceed. Guess it’s important to establish some type of credit policy for your business. This will reduce the number of “dead beat” customers that impacts our business.
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For most services payment in advance is just not going to happen. I don’t find that a realistic ask. But payment within 30 days should absolutely be possible. Everyone else is operating on credit hoping for the best. Then there’s First American who pays you in ten days because they’ve been paid at funding.
I think there are a lot of contractors who simply don’t consider all aspects of what they’re doing when they become mobile notaries. I see all the time, people are retired, making extra money or just making extra money. For me - I’m semi retired but need to make x per month. So it changes how I look at certain things.
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I used to believe that it wouldn’t happen, and it didn’t, because I didn’t ask. I now know differently, some will, and some won’t. I find it’s important to know your customers.
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