All about Accounts Receivable/Invoicing/Collection:
ENSURING RECEIPT OF PAYMENT FOR PROFESSIONAL SERVICES
Also, you’ll want to create a Payment Policy. I’ve included one (below) as a springboard for you to create one specifically for your business.
SAMPLE PAYMENT POLICY
Thank you for your interest in our professional services. Our payment policy is as follows:
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New Client Deposit:
• For first-time collaborations, a 50% deposit of the agreed-upon fee is required.
• This deposit must be submitted and confirmed as received at least 12 hours prior to the scheduled appointment time. -
Fee Agreement:
• All fees and terms agreed upon will be strictly enforced. -
Payment Policy:
• Payment is due & payable at the time professional services are rendered.
• Once approved as a vetted client, payment arrangements can be discussed on individual request. Upon approval, negotiated payment terms can be up to (and no more than) 25 calendar days from the date of the signing appointment.
• NO FEE REDUCTIONS are permitted without prior approval.
• The professional services provided are as a non-party to the transaction. As such, payment cannot be withheld as it could infer the notary has a vested interest in the transaction.
• Failure to pay within the specified timeframe will result in a breach of contract and a $25 late fee will be assessed.
• This late fee will be assessed every 30 days until full payment is received.
• Other parties involved in the transaction will also be contacted. i.e., title companies, loan companies, realtors and brokers, etc.
• If the NON-PAYMENT status isn’t promptly resolved, it will be considered Theft of Services.
