Wondering how do notary publics get paid? here is a guide to invoicing and settlements with Title Companies
As a new notary, understanding the process of getting paid by title companies is essential to ensuring a smooth financial transaction, especially if you are performing a Loan Closing Online.
Once you’ve successfully completed a notarization, now you need to grasp how do notary publics get paid. So, the next step is to initiate the payment process. You can even do this before in some cases. In this article, we’ll walk you through the invoicing and settlement procedures, shedding light on the settlement date and the various payment methods used by title companies.
1. How Do Notary Publics Get Paid: The Invoicing Process
After completing the notarization, title companies typically require you to submit an invoice for your services. An invoice is a document that details the services rendered, including the notarization date, client information, fees, and any additional charges. It serves as an official request for payment and establishes a clear record of the transaction. You can use esigns to validate the documents.
2. How Do Notary Publics Get Paid: The Settlement Date
The settlement date refers to the agreed-upon date when the funds from the notarization are disbursed. It is a crucial milestone in the payment process, as it signifies when you can expect to receive your payment. The settlement date varies depending on the agreement within the loan closing itself. The funds typically disperse within a few days of this date.
3. How Do Notary Publics Get Paid: Payment Methods
Title companies have different policies when it comes to disbursing funds. While some may issue a traditional paper check, others prefer utilizing electronic payment methods. Here are three popular invoicing systems that you might use:
a) Stripe:
Stripe is an online payment processing platform that enables secure and seamless transactions. It offers invoicing capabilities, allowing you to generate professional invoices and accept payments directly from your clients.
b) Square:
Square is another popular payment solution that offers invoicing services. With Square, you can create and send invoices to title companies, enabling them to conveniently make payments online. Square also provides options for accepting card payments in person.
c) Wave:
Wave is a comprehensive financial platform that encompasses invoicing, accounting, and payment processing. It provides notaries with the ability to create and send professional invoices, track payments, and even set up recurring billing for regular clients.
Remember, the choice of payment method ultimately depends on the title company’s preferences. Some may have their preferred invoicing systems or payment platforms, while others may be open to different options. It’s crucial to communicate with the title company to determine their preferred method and ensure a smooth payment process.
Title Company Conclusions
As a notary working with title companies, it’s essential to understand the invoicing and settlement procedures. Submitting an invoice after the notarization is finalized is crucial to initiate the payment process. The settlement date marks the anticipated disbursement of funds, while the payment method varies depending on the title company’s policies. Keep in mind the availability of popular invoicing systems like Stripe, Square, and Wave, which can streamline your invoicing and payment processes. By familiarizing yourself with these processes, you can ensure timely and efficient payments for your notarial services.
BlueNotary offers comprehensive support for notaries who prefer to independently invoice their clients. With our Pro Hybrid Plan, you can take advantage of advanced features that enable you to generate and manage professional invoices seamlessly. This way, you have the flexibility to establish your own invoicing process and maintain control over your financial transactions. Explore the benefits of our Pro Plan and take your notary business to new heights with BlueNotary.
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*Please note that the payment method and process may vary between different title companies, and it is the responsibility of individual notaries to determine and establish their preferred payment method with the title companies they work with.
General Question About Title Company
What are the typical rates or fees that notaries can charge for loan closing services, and how do these rates vary by state or service?
In most states, the government sets the maximum fees that notaries can charge for each notarial act. However, for loan closings, which often require a series of notarial acts along with significant time and expertise, notaries may be able to charge additional fees. These can include travel expenses or convenience fees, where allowed by law. The variability of these charges from one state to another necessitates that notaries familiarize themselves with their state’s notary public guidelines. Furthermore, notaries should consider the complexity and length of the loan closing process when setting their fees, ensuring they remain competitive while also fairly compensated for their expertise and time.
How do notaries handle late payments or non-payment issues from title companies, and what steps can they take to mitigate these risks?
Regarding late payments or non-payment issues with title companies, notaries should establish clear payment terms upfront before providing their services. This can include specifying payment due dates, acceptable payment methods, and late payment penalties in the service agreement. If a title company delays payment, notaries should follow a structured approach to address the issue, starting with a reminder invoice, followed by communication to escalate the matter if necessary. For persistent non-payment, notaries may need to consider legal recourse, such as small claims court, depending on the amount owed and the cost-effectiveness of this route. Establishing a good working relationship with title companies and maintaining clear, professional communication can help mitigate payment issues.
Can notaries charge for additional expenses incurred during the loan closing process, such as travel or supplies, and how should these be itemized in the invoice?
Lastly, notaries often incur additional expenses during the loan closing process, such as travel costs, printing fees, and other supplies. Notaries can and should itemize these expenses in their invoices, provided such charges are permissible under state law and agreed upon with the title company in advance. Transparency is key in billing for these expenses; notaries should keep detailed records of all costs incurred and communicate these potential charges to the title company beforehand. This helps ensure that there are no surprises and that the notary is adequately compensated for the full scope of their services, including any out-of-pocket expenses.
