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June 21, 2020

Your time on the clock analyzed in the Notary business

Filed under: Business Tips — admin @ 10:18 pm

In any business, you put in a particular number of hours of work. Your work time is divided into particular activities. There is a limit to how many hours you have in a particular week. Few of us can work infinitely, and few can work 80 hours a week. I used to work 70 hours a week and I will never repeat that although that is how I got my business going initially.

MY BUSINESS RESPONSIBILITIES
I have the same problem in my business. I am in the directory business. My time is divided between:
Managing programmers
Adding new listings to the directory
Calling new people, calling old people to see if they are still in business
Writing Blogs
Answering emails & Processing orders

Sometimes I have to figure out which activity not to do when there is a time shortage and it is difficult to choose at times.

WHAT DO NOTARIES DO
But, what do Notaries do? Below is my itemized accounting of what Notaries do in their work time. I ordered the components in order of immediate importance to your career. The topics near the bottom are more long term in their importance.

1. Notary jobs – 31 or more hours per week (or whatever you can get at a market rate)
This involves answering the phone, looking up companies to see if they pay, scheduling, printing, faxing, scanning, driving and supervising signings which includes notarizing. Followups and giving tracking numbers would accompany a notary assignment in many cases as well.

2. Billing – 1 hour a week depending on need (recommended: bill each company you work for once per week)
Faxing bills, keeping records, and threatening companies with demand letters from time to time.

3. Miscellaneous – 1 average hour per week (varies depending on time of year and need)
Buying equipment, toner, paper, supplies,business licenses, taking state notary exams, and doing paperwork for taxes.

4. Marketing – 2 hours a week (recommended)
Contacting new companies, handing out business cards, online advertising, getting reviews, updating your notes, keeping your information straight everywhere it is listed.

5. Education – 4 hours a week (recommended)
Studying certification materials, testing, asking questions, reading blogs.

SUMMARY
Basically, most Notaries who are unsuccessful put too much time into doing jobs and not enough time into the other things that they need to do. Doing jobs provides immediate income, but does not provide for long term success in the business. As indicated above, I recommend doing 31 hours or more of actual notary work per week and the rest of your 40 hours should be doing other activities. You will make more money in the short run doing more work work and less preparatory work. But, you will do better in the long run doing more work that helps your skill level and online presence.

Notaries that know more according to impartial sources (or intrinsically) get more business. Through the use of metrics and analysis I have proven that Notaries who ace my hard tests get a lot more business and get paid more than the others. Acquiring this knowledge takes study time, and perhaps getting some tutoring from Carmen and myself. If you spend too much time making short term cash, you will not have time to study. I put that I recommend four hours a week or study or reading time. To be frank, in the beginning of your career I would put more than four hours. But, once you are established, perhaps only two hours a week. You still need to keep in touch with what people in the industry are writing about to stay informed and keep learning.

Spending more time maintaining your listings makes sense too. Many people online just do not login for half a year or more at a time. Many people’s notes section continue to stay the same when there is a lot more information they could constantly be adding. Most people do not get enough reviews on their listing. Paying attention to these things can increase your market share and demand for your services. If more people want you, then you can charge more for the same type of signing than you could before.

Increasing your value through being methodical and organized about maintaining your online presence, and continuing your education makes a lot of sense. Notaries do not value these things because they don’t have time, lack the discipline to study or write compelling paragraphs about themselves, and just plain don’t see the value. The value is, that by maintaining your education, and presence, you could get paid in my estimate 25% more per signing simply by increasing demand for your service. Additionally, you would get a higher quantity of work. In short, your total income could be a lot higher if you would play by my rules which look at the long run. Less whining and more mastery pay the bills. So, analyze and keep track of how you spend your business time and see if you can make some adjustments that will help you in the long run.

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May 28, 2020

If you meet a signer at a cafe, who pays for the coffee?

Filed under: General Stories — admin @ 10:02 pm

It is common for Notaries to meet signers at cafes. But, what is the etiquette for who pays for the coffee? Or does only one party purchase a drink so the cafe can allow them to stay there? Does the drink go on a chair or the same table with the critical documents?

This question sounds more like a Seinfeld dilemma than anything else. Since the signer is paying the notary for the notarization, it’s the least the notary can do to buy a piece of bundt cake for the client. On the other hand, if the Notary has to bill to get paid, and is billing a third party, then neither party should have to pay for the coffee. But, what if the signer wants a palpation but forgot his walled. But, then how will he have his ID for the notarization? Wow, this is really complicated stuff!

NOTARY: You should pay for the almond croissant because I’m the Notary. It’s like a courtesy for my hard work.

SIGNER: Yes, but I am the client, and it is customary to take your clients out to eat and pay.

NOTARY: You’re paying cash right?

SIGNER: Yes. Small unmarked bills to be precise.

NOTARY: Are you going to wash your hands for 20 seconds before you handle those bills? I don’t want the Coronavirus.

WOMAN: I think the man should pay.

NOTARY: Obviously not a feminist.

WOMAN: I am when it doesn’t involved someone paying for me. You see, I’m what you call an opportunistic feminist. Equal rights, but not so equal on the responsibilities.

SIGNER: Honesty is so sexy. I like you!

WOMAN: Thanks, I’m single

NOTARY: I think I see why.

WOMAN: Yeah, but at least I’m not paying alimony and child support and having my kids taken away from me by legal force. It could be worse. You know what. You guys are so much fun, I’ll pay for your frappachino.

CLERK: Sorry, we are all out of coffee.

NOTARY: But, this is a cafe. Your whole business revolves around coffee.

CLERK: Sorry. But, we have those dark chocolate covered graham crackers. They’re really good.

SIGNER: I’ll just get a soda. I don’t drink coffee after 2pm anyway.

WOMAN: Nice to meet you guys.

NOTARY: Here’s my card. I do notarizations, weddings and bar-mitzvahs.

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May 6, 2020

Girls just want to have fun; Notaries just want to get paid;

Filed under: Business Tips — admin @ 9:39 am

I remember that Cyndi Lauper song from the 80’s – Girls, just want to have fun. It was popular at one time. But, during this decade, we have a different dilemma. Notaries just want to get paid. Why is it that so many Notaries don’t get paid? It is a question of doing your homework. There are various reasons why Notaries don’t get paid. Here are my points on the matter:

1. Notaries who lack experience are seen as less valuable to companies. They typically get paid last if there is a monetary constraint. This is especially true of Notaries who come across as unprofessional, whiny, or make mistakes. The way to remedy this situation is to be more professional and punctual rather than claiming to be as such. Additionally, getting more experience would help as well.

2. Research all companies you work for. If you think you can just blindly accept jobs from companies, I recommend thinking again. Roughly half of the companies out there do not pay on time, or sometimes at all. If you visit the various forums you can easily see who the good apples and bad apples are. You are not just comparing apples to apples — okay, bad example, you are just comparing apples to apples.

3. Have companies paypal you up front. After all, you are not in the finance business. You are not a lender. So, why should you extend credit to a complete stranger? Beginners may have trouble attracting people who will pay up front. But, you can reduce your fee to gain this privilege. It might be worth sacrificing a few bucks to avoid the hassle of chasing people around for petty cash and to avoid the risk of not getting paid at all.

4. Billing regularly and keeping good records is essential. If you go easy on people who owe you money, that will not get you paid.

5. Sending threatening letters to those who have owed you for more than 60 days makes sense. 123notary has a template of just such a letter in our resource page.

Summary
Getting paid is not a complicated art form. It is a matter of following some basic common sense protocol. I hope you learn this and make a habit out of it. Otherwise you might be on the hook for thousands.

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October 19, 2019

How much credit should you offer a signing company?

Filed under: Business Tips — admin @ 11:42 pm

Many Notaries get strung along and not paid simply because they offer loans (in the form of accepting delayed payment) to lots and lots of signing companies.

My question is, how much credit should you offer? If they have a good payment record, perhaps $300 of credit, if they are new to you, perhaps $200, or bad reputation perhaps one job at best?

The bigger issue is that Notaries really need to spend more time thinking about this issue. Because, the #1 issue affecting Notaries at least in the past is not getting paid. If you stop lending lots of money to people, getting paid back will become a much smaller issue.

If you got paid up from Paypal style from half your jobs, that would cut your billing issue in half. As I discussed in another article, the labor of billing and the risk of not getting paid justifies a 10% or more discount if someone pays up front with Paypal. Do the math.

The real problem is when Notaries who are desperate to work rack up a $3000 bill with a particular company and then the company goes out of business or runs into financial issues. You really need to decide where to draw your line and then stick to it. Non-paying companies are only half the problem, the other half is non-line-drawing Notaries. You can only get ripped off if you let people rip you off.

You might also like:

Notary Marketing 102 – getting paid
http://blog.123notary.com/?p=19794

Trouble getting paid? Try our demand letter!
http://blog.123notary.com/?p=15339

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October 13, 2019

Should the cost of your commission, phone, equipment factor into your prices?

Filed under: Notary Fees & Pricing — admin @ 11:27 pm

A handful of Notaries responded to an old article about doing some job with fax backs and eDocuments for $75. The question was, is it worth it? I also mentioned that in India people would cut off their left arm to have such an offer, but I got only sarcastic responses stating that they didn’t live in India.

Many Notaries wrote back that when calculating your fee, you should consider:

1. Cost of commission, licenses & memberships
2. Study time
3. Cell phone cost per month
4. Equipment costs
5. Advertising costs & the time spent generating business
6. Auto expenses
7. Printing expenses

The fact is that expenses from 1-5 are fixed expenses and have nothing to do with a particular job. Expenses 1-5, if too much, should influence your decision to stay in the business or leave altogether as those expenses do not go up or down based on whether or not you take a particular job.

The real cost is whether you could do something else with your time such as a more profitable job, billing clients, sleep, spending time on errands or with family. If $75 is your best offer, then take it whether it is “fair” or not. There is no fair in business — only relativity.

Additionally, if you lived in India, you would be working all day long for a few dollars and would not get to eat in restaurants hardly ever unless you had a swanky job. You would have bare bones conditions and people nagging you all day long. Don’t take for granted that you live in an affluent society because that can be taken away from you in the long run. Yes, sarcasm is good, but try to see what is going on in other countries and realize how good you have it compared to the 3rd world folks.

LINKS
You might also like:

Is $75 enough to print 2 sets of docs, notarize and do fax backs?
http://blog.123notary.com/?p=10369

$300 in 13 minutes — how Carmen cleans up in the Notary business
http://blog.123notary.com/?p=19284

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May 1, 2019

What Notaries don’t like about Snapdocs

Filed under: Signing Company Gossip — Tags: — admin @ 10:49 am

With so many people complaining about Snapdocs, how is it that they survive. Or perhaps with their heavy bills for programming and engineering services, they are not surviving. I heard a rumor that they wanted to sell out to the NNA. I also heard their offer was rejected by the NNA. Their sister site in Germany called DerSchnappenDokument seems to be a little more financially sound though. Here are some things people don’t like about Snapdocs.

1. Cattle Calls (moo)
Notaries complain relentlessly about cattle calls. If so many Notaries don’t like it, then why do they list on SnapDocs? But, it’s worse. Since few Notaries want to work for free, and few Notaries (other than how Kim Kardashian would be if she were a Notary checking her Twitter followers every two minutes) check their texts every minute, it is hard to get responses to cattle calls. After twenty minutes the calls are going out to people an hour away who definitely are not going to work for peanuts. So, a lot of Notaries are annoyed that most of their texts are for jobs that are too far away. What a poorly thought out system! Then, when you finally do answer a text, you find out that someone else cheaper already answered or that they don’t want you. I personally think that Notaries should wear a bell around their neck and have a diet consisting mainly of grass if they want to continue this nonsense.

2. Thin Margins
Snapdocs charges companies to use their platform. Prices change over time and change based on your arrangement with them. Last I heard it was between $5 to $14 per job depending on which features you used. If you used the billing and downloading software, you might pay more while sourcing a notary alone might be cheaper. I don’t know the details but this is what I have heard. The problem is that companies who use Snapdocs feel that they should deduct the SnapDocs fees from what they pay the Notary. So instead of $80, they might only pay $66 to cover their costs. What companies need to know is that SnapDocs offers technology, convenience, and time saving and that the company using it should pay for that as labor saving technology. You should pay the Notary what they are worth instead of trying to bargain them down to rock bottom.

3. Discrimination
SnapDocs is an impartial search and information platform. But, due to the prominent photos of Notaries on their site, those who use the site are more likely to discriminate. Other sites have photos too, but on signingagent.com, the photos are a lot smaller and not as clear, and on NotaryRotary you don’t see the photo until after you have clicked. Users would be tempted to select Notaries based on how they looked physically or racially more than what their skill level was or how they wrote about themselves. At 123notary, it is more about notes, reviews, and certifications — things of substance.

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You might also like:

Compilation of posts about Snapdocs
http://blog.123notary.com/?p=21531

See our string on Snapdocs posts
http://blog.123notary.com/?tag=snapdocs

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March 12, 2018

Notary Marketing 102 — Getting Paid

Filed under: Loan Signing 101,Tips for Getting Paid — admin @ 8:43 am

Return to Notary Marketing 102 Contents

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Many Notaries complain that they don’t get paid on time. The problem is complicated. Many signing companies are also not getting paid because they are also not careful of what clients they do business with and their contracts are often not air-tight. The problem of getting paid is several fold. You have to do good work, otherwise you will be the last to get paid. You have to background screen companies, otherwise you will work for the worst. You also have to be aggressive in billing. Below are my formal suggestions:

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1. Be the best at what you do
If signing companies value you because you are the nicest and most dependable notary in the business, they still might not pay fast, but they will feel motivated to pay you – otherwise they will lose you. And nobody wants to lose their best Notary.
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2. Ask for References
If a company doesn’t want to give you references they are probably not worth working for.
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3. Screen companies first — Read about them on the forums
Notary Rotary and 123notary keep information on what Notaries say about companies on our forums. You can look up hundreds of companies. We also have a list of signing companies with reviews on our site you can reference from a mobile phone!
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4. Keep good records.
If you keep stats on how long it takes companies to pay you, and do the math to create averages for how many days it takes, you can avoid the companies that pay slowly.
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5. Have a credit limit for each company.
If a company has proven to pay quickly and on time, you can offer more credit. But, for newer companies or slow pays, I would not offer them more than $200 in credit.
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6. Bill weekly
If you keep after companies that owe you money by emailing them bills and calling about the late ones, they are not going to enjoy being harrassed. They will be more likely to pay you.
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7. The letter from hell
If you still can’t get paid, use the demand letter we entitle “The letter from hell” in our resources page.
http://www.123notary.com/howto-get-paid-signing-agent.htm
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8. Protect yourself with a contract
If you have a contract that goes over how much you get paid for last minute cancellations, printing, and if the loan doesn’t get signed, you will have legal grounds to get paid. There are many situations you can protect yourself from with a contract. Getting others to sign your contract will only happen if you are one of the best Notaries, so don’t get your hopes too far up.
http://blog.123notary.com/?p=2593
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9. Physically show up at the signing company
If you are within driving distance, you can have a personal appearance at a signing company and camp out until you get paid.
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10. Sent a letter from an Attorney
Many Attorneys send letters for a low price if you shop around. Nobody wants to get sued, so have a letter written and get paid fast.

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May 23, 2017

How to negotiate signing fees like a pro!

Filed under: Business Tips,Comprehensive Guides,Popular on Facebook (very) — admin @ 10:43 pm

There are several ground rules when it comes to negotiations.

1. The first offer rule
The person who makes the first offer will never get an optimal price. If you start the bidding first with a high price, you might just get declined without being given a chance. If you ask too little, you will miss out on more pay. If you let the other person make the offer, you will end up with more on average.

2. Whining ruins your image
Notaries are notorious for whining. “You only pay $70….. OHHHHHHH, why can’t you pay more?” Who needs this behavior? If you are such a great notary, you would have plenty of people offering you $125 to $150, and you would just hang up on these low-balling fools. But, if you whine like a baby, nobody will want to work with you even if you accept their pathetic offer. Most notaries are so bad, they are probably not even worth what the low-ballers offer them. Most notaries refuse to study to become fastidious professionals.

3. Take it or leave it
Sure, nobody likes fax backs, but don’t complain. You either accept the job or you don’t. If the signing has 300 pages per set of documents, don’t complain. You either say yes or no. When I do my billing, people always ask me, “What did I pay last year?”. My comment is that it doesn’t matter because last year is over, and that doesn’t effect what this year’s price will be. They want to waste my time looking something up for their emotional gratification which affects nothing. What a time waster. Don’t behave like this. If someone makes you an offer, you take it, leave it, or negotiate. If someone wants to politely negotiate with me instead of whining, they will get a lot farther. First of all I will value them more as a long term client. Second, I will know that they will behave professionally with the people who use my site — and I value that much more than how they treat me. Third, it is not a headache to deal with them. If I ask for $200, and you want to offer a polite counter offer, then go ahead. $100 would be rude because it is out of the ballpark. But, what about $150? Try it. I will probably say no, since my prices were computer generated using six inter-connected formulas. But, it doesn’t hurt to ask.

4. Getting companies to up their fee by $35 is possible
But, I know some very fancy notaries who are at the top of their game who get $50 companies to pay $85. These smooth operators get close-by jobs for $85 that are only a few minutes away. They have fast printers that print 45 pages per minute, so the double set of documents takes less than 10 minutes. They buy their toner or ink wholesale. They don’t whine — they PLAN, and they negotiate! So, in a little more than one hour, these seasoned Ninja Notaries get the call, print the documents, go to the job, get it signed, and get back home, and send the invoice. After expenses they probably made almost $70 per hour. Not bad! So, how do they do it?

5. How to impress the client
A seasoned notary will explain calmly how they are famous for doing clean-up jobs after notaries who didn’t know what they were doing ruined a loan. Why not start with a pro and get it done right the first time? How much did you say you offered again? $60? I understand that you are on a tight budget, but my minimum is $100. I can help you out for $85 today though, since I have a little more extra time than I normally do. Wouldn’t it be worth it to you to hire someone who has signed 4000 loans, and who is meticulous? I have state of the art machinery such as an HP 250,000 printer with quadruple trays, and I can explain all of the documents. Would you like to drill me and ask me a sampling of your hardest loan signing questions to see if I am up to your highest standards?

6. Ask them to ask you their toughest question
Most signing companies don’t ask notaries questions. They should. If you ask notaries questions, 90% fall on their face because they don’t have a clue what they are doing. So, if you do know what you are doing, tell the signing company to shop around, but to ask each of the notaries they talk to how they would explain the APR to a non-borrowing spouse. If you don’t get a good answer after 45 minutes, then call me back! No notary with fewer than 5000 signings can do a graceful job of answering this question even though it is ridiculously simple. It requires study, and most notaries are opposed to that idea!

7. Don’t say anything that sounds phony
Please notice that all of the points I made sound real. None of this, “I’m professional and accurate and do error-free signings.” That sounds phony. Make real selling points because you are selling yourself to people who have been in this business for years and have dealt with thousands of notaries — most of them bad ones at that. Figure out what to say that proves that you are the logical choice to hire, even at an inflated rate. After all, the extra pay translates into less aggravation after the fact. How much aggravation and potential re-drawing fees is the $20 savings worth to you anyway, you tell me?

8. Having a pricing formula sounds impressive
If you don’t like to negotiate, but like to use pricing formulas, that will make you look good. People who understand distances, time involved and other expenses are true professionals who know their business inside out. You might not always get the highest possible fee with formulas, but you will get respect and repeat business.

9. Negotiation points summarized:
I do clean-ups for other notaries who make mistakes; 5000 loans signed; ask me your hardest loan signing question and then ask the other notaries who you are calling; I have an HP (name) printer that prints 45 pages per minute. I have a mobile office — beat that. I’m ready now — let’s do this! All work guaranteed or your money back!

A comprehensive guide to Notary pricing
http://blog.123notary.com/?p=16504

Can you negotiate prices with SnapDocs?
http://blog.123notary.com/?p=16236

Negotiating with aggressive callers
http://blog.123notary.com/?p=16278

Notary Marketing 102 – Negotiating Fees (a thorough guide)
http://blog.123notary.com/?p=19784

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June 11, 2016

Signing Trac

Filed under: Popular on Facebook (A little),Signing Company Gossip — Tags: , , — admin @ 5:33 am

Here is what Notaries are saying about this outfit
http://www.123notary.com/forum/topic.asp?TOPIC_ID=5761

36768
“I just did a simple loan mod agreement for them at the end of Feb. 15 min appointment tops and I submitted my request for payment on 3/1/2016 and they paid me just now via Deluxe Online checks. 3/7/2016 so they paid within 1 week of billing. They only allow you to submit your invoices at the beginning of the following month. Example. All jobs done in Feb can be submitted on Mar 1st and so on. No troubles here so far.”

dawnrin
“I’ve been doing little signings for them lately. They’ve all been HELOC appts. The docs are at the borrower’s house and I’m in and out in about 20 minutes. They pay $50 for the signing as no printing nor faxbacks are necessary. Plus, they don’t send you further than about 10 miles for this fee. You bill them monthly now. I emailed them my Nov. invoice on Dec. 1st and was sent a Deluxe e-check the very next day! I don’t know what changed, but it seems to be working for now.”

peanut20
“I just did a signing for them and I was paid within 1 week, they are now paying through the deluxe check payment system, I was actually a bit amazed how quick they were.”

dhelmic2
“I have done several signing for them and can’t remember why I keep taking them. I get paid, but have to wait way too long for payment.”

Florida Girl (7-02-14)
“I have completed two signings for them recently.
1st was on Friday 4/18/14 and I have not been paid for it yet.
2nd and I am not sure why I accepted that without being paid for the first was on 6/21/14”

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You might also like:

Global Notary
http://blog.123notary.com/?tag=global-notary

National Loan Closers
http://blog.123notary.com/?tag=national-loan-closers

The 90 days no payment list of signing companies
http://blog.123notary.com/?p=15887

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June 9, 2016

A comprehensive guide to Notary Pricing

Filed under: Comprehensive Guides,Ninja Theme Articles,Notary Fees & Pricing,NSA Pricing, Fees & Income,Popular on Facebook (shares),Popular on Facebook (some) — Tags: , , , , , , , , — admin @ 9:59 pm

It’s been a long time since I have written an article on pricing, so I feel it is high time! Most Notaries want to have a fixed fee and make tons of money. This is not always possible. The Notary market is a market with lots of little ups and down that a smart Notary needs to constantly adjust to. It’s smarter to have systems and formulas worked out ahead of time so you know how to react to these fluctuations.

There are fast days and slow days, monthly highs and lows, as well as changes in the market that happen over the years. There are also changes in who is competing with you in your area at a particular time. The key is to be flexible and learn how to charge accordingly. Here is how I would set my prices.

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1. Time Involved
A smart Notary should charge based on how much time is spent. Notary jobs during rush hour involve more time. Jobs that involve printing more than the average amount of pages should be billed accordingly. Smart Notaries ask who the Lender or Bank is. This is because the name of the Lender can determine with some accuracy the size of the package. Signing companies lie about package sizes which is why smart Notaries ask. Additionally, there are many loan types and some require more time. Refinances are faster, while Construction Loans are longer but have more professional and businesslike signers. Reverse Mortgages, VA, and FHA take more time. Piggy Backs are double signings and have double the pages and double the Notary work. Time for doing a signing is based on these components:

Negotiating Time — Some companies are easy and pleasant to deal with. If it is fast getting assignments faxed or emailed to you and easy to confirm with the borrower, take notes of that time. It can differ from company to company.

Printing Time — Notaries should charge by the page for e-documents. Printing takes time, and often involves waiting for documents to be ready which can be hours if you work with irresponsible companies.

Driving Time –Factor in how much time it takes to get from point A to B. Keep notes so you’ll know how to charge for jobs to particular cities in the future.

Signing time — Some Lenders have loans that get signed quickly. Some Lenders answer the phone and get situations handled quickly while others don’t.

Loan Type Influences Time Spent — VA & FHA signings are just plain longer. Reverse Mortgages are for the elderly who are less businesslike and might need a lot more time to sign. Power of Attorney signings are the most likely not to fund, so take that into consideration. Piggy Back loans are double the signatures and double the notarizations. But, once everyone has sat down and you have your journal out, it goes quickly.

Fax Back Time — Fax Backs are a pain in the rear, but they serve a purpose. Signing companies can hire newbies and get away with it, because the signing company can check your work before it gets sent back to Title. They no longer need experienced Notaries. However, fax backs take time, so if your time is worth something, charge for each page faxed back.

Cancellation Rate Time Waste — Factor cancellation rate and billing time into the price.

Billing Time — Some companies pay on the first request while others require hounding.

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2. Expenses Itemized

Printing Documents — is not only time consuming but costs money. You are using up paper, toner, cartridges, ink, and using up your time to restock what you used up. Charge accordingly.

Car Expenses — Driving a car is not free. Tires wear down, brakes wear out, plus you need to change the oil, filters, shocks, transmission, and more. So, in addition to time, try to work a mileage fee into your pricing in addition to charging for time.

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3. Track Record & Risk of Not Getting Paid

Late Documents — If the signing company or title company was late getting your edocuments in the past, make a note of that. Keep detailed records of each company. Record how fast they paid you on each job. Recalculate their average days to payment every month just to keep records updated. Also, keep records for how late they are sending edocuments or how incompetent they are about keeping their borrowers informed. If you are dealing with a flake, charge more.

Unknown PartiesIf you accept a job from an unknown lender, or one with a bad reputation online, you might charge more, or make them pay up front. You should always charge extra when there is any type of risk involved. . These signings assume risk. Some of the risk is spending an unpredictable amount of time or not getting paid at all.

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4. Payment Terms
If a Lender will only pay you if the loan funds, you need to charge more. Some Lenders will not pay your printing fee if the job gets cancelled, so make sure you know what the terms of the agreement are. Some will pay part of a travel fee if the job gets cancelled mid-way. However, the signing company booked your time, and you can’t give your leftover time to some other company at the last minute just because they needed to cancel. You have to commit your time to them, but do you make companies commit to paying you?

I personally feel that Notaries should set their own terms. You are not a bank, and it is not your job to gamble on whether or not a loan funds. You should be paid before, or within 72 hours of a signing in my opinion. But, you can make your own terms. Beginners have to accept the terms dictated to them, but old pros can make their own terms and get away with it. However, if you do accept terms that limit your ability to guarantee payment, charge a lot more.

Recommended Reading:
Issues to consider when creating a signing agent services contract
http://blog.123notary.com/?p=2593

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5. Travel Fees for Non Loan Signing Work
Most Notaries charge $25 to $50 travel fee, and more if it is for jails or hospitals. You also charge by the signature on top of the travel fee. Charge based on how valuable your time is worth. If you are desperate for work, charge less. If your time is limited, charge more. If you have lots of other things to do, you have less supply of time so you can charge more — this is a strategy to consider — so stay busy my friends.

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6. Jails & Hospital Notary Jobs
Charge more for jails and hospitals because these are the jobs where there is a lot more that can go wrong. You also will not be dealing with the cream of the crop. You can get stood up at a jail. Inmates do not have ID and your credible witness or ID carrier might not show up. ID’s might be expired. Hospital patients are often drugged making it impossible to notarize them. Half of them can’t even hold a pen, so how can they possibly sign? Consider this when deciding upon your jail & hospital travel fees which should be $60 to $150 depending on how greedy you are! Some Notaries are afraid to go to jails, but it is safe, and that is where you can make money fast. Just make sure you have them read their ID to you over the phone including expiration date or you will be very sorry. Also, get your travel fee in cash at the door BEFORE you see the signer. They might not be available or might not want to sign! Be prepared!

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7. General Pricing Models
Keep in mind that a few years ago, Notaries could get paid a lot more. With Snapdocs and lower demand, companies can pay a lot less and get away with it.

Situations where you charge more or less
(1) Charge less during the first 17 days of the month. It is slower, and you have more time.
(2) Charge more during the end of the month. Additionally, you can charge more if you schedule a job several days in advance because you might miss out on a better offer. Additionally, jobs scheduled in advance in my day had a 25% cancellation rate which will wreak havoc on your schedule.
(3) Charge less if you are having a slow day and someone needs a last minute signing. If you are doing nothing, why not sell that time.
(4) eSignings have less physical pages, but often take longer because the signer and their spouse need to take turns looking at the computer screen not to mention the chance of delays due to technical issues.
(5) Charge extra if there are three or more signers on a loan.
(6) Charge more if the company cancels a lot
(7) Charge less if a company has a good track record and is easy and fast to deal with — or pleasant!
(8.) Charge more if there are lots of signatures to notarize.

Pricing Recommendations For Beginners. 0-500 signings

Basic Signing $60-$80
E-Documents: $10-$25 extra per double set or 7 cents per page
Pickups: $25 extra
Dropoffs: $20 extra — there is less waiting time during dropoffs
Reverse Mortgages: $100
Piggy Backs: $100
Regular Notary Work Travel Fee: $30 if within 30 minutes
Jail & Hospitals: $50

Pricing Recommendations for Intermediates. 500-3000 signings
Basic Signing: $80-$120; E-Documents: $20-$40 or 10 cents per page; Pickups: $30 extra; Dropoffs: $25 extra; Reverse Mortgages: $125; Piggy Backs: $125; Regular Travel Fee: $40 if within 30 miles; Jails & Hospitals: $70

When to charge in advance
You are not a bank and you should not offer endless credit to any signing company. Some of them will string you along and not pay you or play games with payments making it unclear which job they are paying for. Decide in advance how much credit to give each company and keep records. If you have a six month track record with a company and they pay you on time, you might offer them credit for six jobs. For all others, do one or two jobs, but don’t do any more until you get paid. It is not a bad idea to charge up front with Paypal, but few companies will pay a beginner up front. Ken, our seasoned Notary always gets paid up front, but he is a pro.

(1) New Companies — do one job, but don’t do a second until you get paid for the first unless they have a stellar record for payment on the forums.
(2) Some Track Record — do two jobs, but don’t do a third until you get paid for the first.
(3) Good Track Record — Watch out: good companies can turn bad if they experience financial difficulties or labor shortages. Do not offer credit for more than six jobs no matter what. A good track record should be over at least six months.

Don’t complain
There are many Notaries who have gone out of business because there is too much competition for too few jobs. If you are getting paid, getting experience, and staying afloat, you are ahead of the game. Many Notaries have this idea that they should get $125 per signing ever time. Unfortunately, it no longer works like this. So, take what you can get and just do your best! If you get more experience, you will be worth more in the long run. Additionally, the market could have an upswing at any time, so keep a positive thought.

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You might also like:

Do you have to be a CSS to get work these days?
http://blog.123notary.com/?p=8914

A great attitude gets most of the jobs
http://blog.123notary.com/?p=6493

Notary Marketing 102’s guide to negotiating Notary fees
http://blog.123notary.com/?p=19784

Notary Public 102’s guide to Notary pricing
http://blog.123notary.com/?p=19781

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