While working as a notary public or a notary signing agent, you will face different types of clients. Some clients will make the payment in advance while some will make you beg for the money you rightly deserve.
There are some steps that you can take to prevent hiccups in payment from your client’s end. Here are some tips to ensure timely payment for your signings.
1. Give clients your own invoices
Even if the client does not insist on an invoice, you should make sure to provide one. You should have a standard format for your invoice with a provision to attach a unique invoice number to each invoice. The invoice should clearly have details like due amount, services rendered, contract reference, etc.
2. Track your due payments
At any given point, you might be rendering your services to multiple clients. Therefore, every client would be bound to pay you at some point in the future. However, with so much work, it is possible that you may lose track of your payments and receivables. By keeping a track of your receivables, you will be able to follow through with clients who are yet to clear the cheque.
3. Keep a short collection cycle
There is a direct correlation between the collection cycle of a business and its bad debts. If your collection cycle is such that there is a big gap between the due date and the payment date, then you are practically allowing your clients to lapse their payment. Keep a short collection cycle and initiate your collection process as soon as the payment becomes due.
4. Remain professional at all times
While it is your right to ask for your money from your debtors, you must showcase your professionalism at all times. Never cross the line with your client and always speak to them politely while dealing with such situations. Harassing your debtors, and abusing them can even lead to jail time.
5. Preparation is the key
While dealing with clients, always be prepared from your end before any phone call or meeting. Take a few minutes before every meeting/call to revise the pointers so that it remains fresh in your memory. A client always feels reassured if you are prepared from your end.
6. Be specific and to the point
Never allow your debtor to end the call with vague answers like, ‘'ll see what I can do,’ or ‘I'll call you next week’. This most likely means that the debtor has no intention to pay you. Instead, get a definite answer and make the client stick to the terms of the contract.
7. Minimize your losses
Do not render your services to those clients who have a habit of delaying or lapsing payment. Keep such clients on hold or else you will end up with more bad debts.
If you continue to provide your services, it basically means that you are providing them free of cost as the client has no intention to pay anytime soon.