I realize this depends on a variety of different factors. I have noticed some companies pay promptly, while others go on for awhile. I have several invoices that are past 30 days but not yet 60. After 30 days I reached out to two invoices that were with the same company (and no, this is not Cloud Signing). No response or anything.
Is it common to get ignored? Is 30+ common to wait? Do you reach out to touch base? If so, when do you do it?
Just curious what others are experiencing.
Thanks,
@RickOShay Great question! 
Your statement (excerpted above) is accurate.
There is no easy answer to your query though . . .
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.
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 those intervals 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].
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.
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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Best Wishes💫
In my experience 30 days is usual. There are others that pay twice a month. When you accept orders and get sent terms by a company be sure to read those how they pay is usually included.
@RickOShay Forgot to mention . . .
Always remember to make an important distinction when asking about payment turnaround time:
. “Is that 45 Calendar days? Or, 45 Business days?”
When one does the math, it reveals there is a much longer turnaround time for payment with the Business days counting ‘method’ . . .
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NOTE: Industry standard is to be paid within a few days or up to 2-3 weeks of the successfully completed Signing Order; contingent upon whether working Direct or with a Signing Service.
Longer than that is simply not in your best interest as a business owner as your invoices for gasoline, turnpike fees, required supplies, etc. are usually due within 25 calendar days.
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Also, remember to query that once the professional services are performed, payment is due & payable.
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.
===>>> These 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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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:
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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It can be normal to be paid after 30 days. I have a company that pays once a month for all work the previous month. So lets say I do a signing for them on May 1, they wont mail a check until June 15. It happens. I always look for payment terms and make note on my little “prep” sheet that i make myself.
