Has anyone noticed just how long it takes to get paid from any of the companies There should be a standard around payments to Notaries. Just saying…
I work with a few companies that pay twice a month. There are some that pay in ten days. Every service you sign with provides their payment terms. For those that are past 30 days - I don’t take a bunch but there are a few I accept because I know I’ll get paid.
Most loans fund in 3 days and a Title Company usually pay in ten days. I send invoices at net 30 but expect to get paid when a company’s term specifies I’ll get paid. There are some with automated payables that don’t request invoices. Those are usually reliable and not a problem. We just manage our accounts receivable as best we can.
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Thank you so much! I am starting to network to find other services and Title Companies that don’t require 30-60 days after escrow. It just doesn’t seem fair that they hold the monies that long.
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@loricnotary22 Yes! The Notary Cafe forum is CHOCK FULL of threads & posts about just that!
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There are 50+ examples here.
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@loricnotary22 Agreed!
However, it would be akin to ‘herding cats . . .’ 
You may find the following extensive information Helpful!
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WHAT IS THE AVERAGE TIMEFRAME TO RECEIVE REMUNERATION?
Truly, there is no easy answer to this query.
===>>> Below are a few of the myriad items you’ll need to verify with your potential new client when discussing/negotiating the terms of your professional services.
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In general, the Title/Escrow Companies [T/ECs] are paid on the date of the closing and most Signing Services [SSs] are usually paid within a few days.
- 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 most Signing Services [SSs], 7 to 21 calendar days.
NOTE: Some SSs issue checks/Automated Clearing House [ACH] payments on the 1st & the 15th of each month. As such, their payment interval may be a bit longer than noted above.
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===>>> Anything longer than the intervals noted above is considered an EXTENDED interval for payment.
If you decide to accept longer intervals, in essence, as a business owner you’d be extending credit/giving a non-interest-bearing loan. Certainly, NOT the best use of your funds/return on investment [ROI].
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Many of us have a PAYMENT POLICY & identify those requirements when accepting Signing Orders [SOs] from a new client. That is normally one of the non-negotiables during the SO Acceptance discussion. Here is an example of a payment policy:
“Fee is due and payable for services rendered at the time service is provided - regardless of/not contingent upon borrower(s) signing, the loan funding status, or the purchase/sale/refinance finalization status.”
The PAYMENT POLICY STATEMENT is also included on each invoice for every client.
REMEMBER that your out-of-pocket expenses are promptly due (whether cash payment or credit card) immediately or within 21-25 calendar days (per credit card statement). Ergo, you owe it to yourself to ensure that your CASH FLOW is available within that timeframe.
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Always remember to make an important distinction when asking about payment turnaround time during the negotiation interval:
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- “Is that 21 Calendar days? Or, 21 Business days?”
When doing the math, it reveals there is a much longer turnaround time for payment with the Business days counting ‘method’ . . .
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During this time of minimal SOs, it’s even more challenging to remain financially solvent. This is the precise reason I often strongly recommend the following:
- Always research potential new clients prior to providing your Professional signing services
- Always query about the payment interval & ensure it’s included on your SO
- Be certain to clarify if the payment interval is CALENDAR days or BUSINESS days (there’s a BIG difference between the two)
- Hedge your bet against the vagaries of this business sector by DIVERSIFYING your services and/or client base
- Read the EXCELLENT reference text I’ve recommended on multiple occasions over the years for learning other techniques to provide Professional services (outside of the Loan Signing sector):
FYI: I receive no compensation or remuneration of any type or kind as a result of my first-hand experiential review above nor from any sales of the text.
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Some signing services are operating on the fees they are paid they aren’t well funded. But there are well established good services
signingorder.com pays twice a month
signatureclosers.com also pays twice a month
signwithjot pays weekly
mortgageconnectlp.com has a specific invoicing process that requires you use their forms and submit after 3 days and then they pay weekly.
townsgate is the same thing
They have specific application processes. Good luck. Cash flow can get interesting if you’re taking work from companies on a 60 day or net 37 day cycle. And Notaroo will give great experience with reverse mortgages but they think Net 90 is okay. They know from many of us - no it most certainly is not.
Good luck out here.
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@loricnotary22 Certainly inappropriate of those business entities to expect Professional Signing Agents [PSAs] to ‘float them a loan’ . . . without permission nor authorization . . .
Slow pays. In good times and bad, you’ll find that anyone who owes you money will stratify across the 30-60-90 day payment spectrum. I find this to be axiomatic in my 50 years of running my own small businesses. Carrying receivables is never fun and it costs a lot of money (opportunity costs, lost interest, outright losses from stale carries, non-payment, etc.). I learned early on to jump on my 30> days not paid deals fast and hard. To date, I’ve written of only $50 on uncollectable fees. That’s a remarkable record if I say so myself on well over 2200 signings. It takes a lot of time and effort but it’s just part of the job. That’s true in almost every line of work. Notaries are just more vulnerable - unless you stay after it.
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@Bobby-CA Absolutely! 
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