60 Day Plus Payouts - REO Property Preservation Forum
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post #1 of 25 (permalink) Old 08-17-2013, 08:22 AM Thread Starter
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60 Day Plus Payouts

Anyone else getting payments from clients nearly 60 days or more out? I have several jobs with NFN that are over 45 especially PTC's and Bid Approvals.

I have a few jobs with Cyprexx that are 45 days out as well.

Is it typical that these companies now stretch out payment to 45-60 or more? I feel this companies are breaching thier own contracts which states 35 days (NFN) and 30 (Cyprexx). My Cyprexx maint. check came on time though. Just seeing what everyone else thinks about this situation.
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post #2 of 25 (permalink) Old 08-17-2013, 09:34 AM
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Anyone else getting payments from clients nearly 60 days or more out? I have several jobs with NFN that are over 45 especially PTC's and Bid Approvals.

I have a few jobs with Cyprexx that are 45 days out as well.

Is it typical that these companies now stretch out payment to 45-60 or more? I feel this companies are breaching thier own contracts which states 35 days (NFN) and 30 (Cyprexx). My Cyprexx maint. check came on time though. Just seeing what everyone else thinks about this situation.
All I know about it is every client we have is stretching us further and further out. I doubt it's a coincidence so I am guessing it starts at the top?
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post #3 of 25 (permalink) Old 08-17-2013, 09:53 AM
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Had a few issues with a couple customers for a short time. I explained the importance of cash flow to any business and detailed how it was no less important for me than it was for them.

Then I turned down then next few jobs due to cash flow issues. All but one of them tightened up.

The one that still has issues should be corrected soon. Seems they are tired of paying fines to code enforcement and HOAs for tall grass and I am tired of being paid three weeks late. I explained to them that correcting one problem would solve the second.

The VP of the company flew in from the west coast to address slow pay issues yesterday and is going to personally correct them when he returns on Monday.
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post #4 of 25 (permalink) Old 08-17-2013, 01:51 PM
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Tak just make it part of your routine every Monday to send an aging list to their accounting department for payments past the deadline in their contract. Less confrontational than a 1 time "why are you late paying me?!" conversation and hopefully will get some results!
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post #5 of 25 (permalink) Old 08-17-2013, 07:21 PM Thread Starter
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We make it a habit to call every Friday Morning to any client of ours that currently has outstanding invoices over 40 days out. Monday's might work better though
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post #6 of 25 (permalink) Old 08-17-2013, 07:51 PM
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I believe it is from the top tiers. Even Realtors are up to 6 months out on unpaid invoices sooooo I think it is a "trend" that will only get worse.
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post #7 of 25 (permalink) Old 08-18-2013, 08:20 AM
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thats right we're doing the work, we're laying out thousands of dollars, why cant we get paid on time ?
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post #8 of 25 (permalink) Old 08-18-2013, 01:27 PM
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thats right we're doing the work, we're laying out thousands of dollars, why cant we get paid on time ?
Agreed! It is beyond frustrating!

BTW proppresnyc, welcome to PT. You should jump on over to the introductions section & tell us a little about yourself.

Iíve already told you more than I know.
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post #9 of 25 (permalink) Old 08-19-2013, 09:10 PM
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hi

anything over 30 days i no longer do,i know these companies are paid within 30 days,they should be able to pay the contractors in a timely manner,if i asked my employees to wait 45-60 days they'd tell me where to go,just say no and refuse the work,the longer people do this before you know it you'll be waiting 6 months while they draw more interest on your money.
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post #10 of 25 (permalink) Old 08-19-2013, 10:00 PM
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anything over 30 days i no longer do,i know these companies are paid within 30 days,they should be able to pay the contractors in a timely manner,if i asked my employees to wait 45-60 days they'd tell me where to go,just say no and refuse the work,the longer people do this before you know it you'll be waiting 6 months while they draw more interest on your money.
Do you know that they are being paid within 30 days? I happen to know for a fact that many are not. I don't know if they all have the same deal or what but some are not getting paid for 120+ days.

This is also why the charge backs take so long.
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