Today I helped a caller regarding tips on collecting fees from loan signings and thought there are likely others who would like those tips as well.
1) Read the agreement you signed with a signing agency(if you did) for time frames, and how they handle failed appointments/trip fees, etc so you have a standard they published for you. Then communicate when those time frames have been exceeded not before.
2) If this is not addressed or you did not sign an agreement, ask them via email to tell you what payment time frames you can expect, again so you have something to refer to when following up.
3)If these time frames seem unreasonable to you up front ie:60 days, you have choices: offer to them what your A/R policy is or do not work for that company.
4) To follow up, start with the observation it may have been an oversight, would they update status of the assignment with ETA for payment. Give time for them to respond, before asking again.
5) 2nd notice should note this is 2nd time for follow up, you are investigating status of an assignment that is flagged pending for your A/R file and need help to reconcile the account, and if the oversight was yours, please provide CK#, date and amount so that you can close the order.
TIP: Do not continue working for this company until paid.
6) Use of a DEMAND letter is very helpful as this indicates all the facts of the money owed, this is a more formal letter and when used through legal service, with names of attorneys on the letterhead, it seems to get their attention that you will take further action should they not respond with payment. I happen to use Legal Shield services and and for a monthly fee have access not only to the demand letter which I have used several times and found it to work quickly but other small business owner concerns. (if you need info for them I am happy to post a contact) Again if you are called for work, do not take it, higher chance of just piling up the invoice.
7) Use a collection agency, there is one on the NNA site, all collection agencies will take a percentage of the amount collected and do not guarantee success, some may not take debts that are considered too small.
8)File a small claim in the court. (less than $5K)
9) Have I ever let it go such as when they go underground or go bankrupt? I have, sometimes I need to move on and do the best job I can vetting the companies I work for. That means researching them before I do the work. Lots of info our there now on most title and signing companies. Look to NotaryRotary.com, Yelp!,BBB, LinkedIn and Facebook business pages for comments.
Hope you don’t have to use any of these ideas, but if you do, I hope these serve you well and they have me.
At your service,