Jump to content

ELECTRIC SIGN SUPPLIES
If You're Looking For Premium Electric Sign Industry Components From Trim Cap, LED's, Neon Supplies, Power Supplies, Pattern Paper.  Then Please Visit Our Online Store or Feel Free To Call Us For Inquiries or Placing an Order!!
Buy Now

SIGN INSTALLER MAP
Looking for a fellow Sign Syndicate Company Member For A Sign Install or Maintenance Call?
Click Here

For Sign Company's Who Work As Subcontractors
Before You Work For A National Sign & Service Company You Need To Look At The Reviews Of These Companies Before You Work For Them. Learn When To Expect Payment From Them and What It's Like To Work For Them, The Good, The Bad, The Ugly. Learn and Share Your Experiences Yourself For Others

Click Here

Receiving payment


Donco

Recommended Posts

Recently, we’ve noticed that some of our customers aren't paying our invoices per the agreed terms (30 or 45 days). I believe some of this is due to the current economy.

One customer told me they couldn’t pay us per their own terms.

“I will see what I can do to maybe push it to 45 days (what our PO says), but to tell you the truth they have been paying about 65 days….”

We are willing to work with our clients as long we agree to the terms prior to starting the work.

Any one else experiencing the same late payment issue?

What payment terms does your company agree to?

Link to comment
Share on other sites

Sadly since last May some of the major corp restaurants and retailers have been paying much slower, and some employees have told me that they just simply don't have the money to pay. I haven't had any issues with the mom & pop shops at the moment, I usually get those invoices paid upon completion to a couple of weeks.

What I can't stand is the S2S payments (Sign Co to Sign Co.) That has to be the worst, and that shouldn't be. By law and in CA acting as a contractor, I can't ask for anything under 30 days, unless I'm selling retail only.

You have enemies? Good. That means you've stood up for something, sometime in your life. - Winston Churchill

Link to comment
Share on other sites

  • Board Patron

our national accts are getting to be the worst offenders.

A friend that works at a sign supply says almost all of their accounts are now paying beyond 30 days

Installation & Maintenance Services

Brian Phillips | expresssignandneon@sbcglobal.net | P. 812-882-3278

Express Sign & Neon | 119 S. 15th Street - Vincennes - IN 47591

express%20neon%20sig.jpg

Link to comment
Share on other sites

our national accts are getting to be the worst offenders.

A friend that works at a sign supply says almost all of their accounts are now paying beyond 30 days

We used to pay our sign install contractors around 20-30 days and they loved us for that but with the slow payment from our National customers we are close to 45 days now.........I personally try to get them paid as quickly as possible because I want to be able to count on them down the road.

Link to comment
Share on other sites

We used to pay our sign install contractors around 20-30 days and they loved us for that but with the slow payment from our National customers we are close to 45 days now.........I personally try to get them paid as quickly as possible because I want to be able to count on them down the road.

HERE IS WHAT WE USE -- THE 25% PROGRESS PAYMENT IMPROVES CASH FLOW - WE DON'T DO 60 DAYS -

1/2 DEPOSIT TO START and 25% IN 2 WEEKS, the balance due PRIOR TO INSTALLATION. You are ordering a custom made product. No changes after accepting this bid, No cancellations and No refunds. All signs, materials and labor remain property of AAA SIGN, Inc. until paid in full and are subject to repossession for non payment. Buyer to pay for repossession / removal and reinstallation costs. Any written warranty offered by AAA Sign, Inc. shall be void if a balance is overdue. If product is warranted, No warranty services will be performed on past due accounts. Past due amounts are be subject to a service charge of 1.5% per month from the invoice date. Upon customer's failure to pay the account as required herein, AAA Sign, Inc. shall be entitled to recover all costs of collection, including court costs and reasonable attorney fees. Sales tax additional, landlord's permission and any permitting by others. The buyer is responsible for all damages and costs incurred by AAA Sign, Inc. resulting from unknown conditions or hazards. AAA Sign, Inc. shall not be liable for any consequential loss or damages of any nature arising from performance of this contract and is limited to the contract bid price. AAASIGN.com INDIANAPOLIS

Link to comment
Share on other sites

We all need to be careful with late payment particularly in this economy. We must insist on deposits when fabricating & service calls need to be paid within the terms. When installing for other sign companies we need to be paid within the agreed terms or walk away from future jobs and let everyone know about the deadbeats. If we allow people to use our money we need to consider the risk & understand that we will get burned eventually. I feel we should be honest and expect the same from our clients. If they want us to work for them then we should not be shy about demanding payment. Our focus should be on doing great work & not begging for payment.

Link to comment
Share on other sites

We all need to be careful with late payment particularly in this economy. We must insist on deposits when fabricating & service calls need to be paid within the terms. When installing for other sign companies we need to be paid within the agreed terms or walk away from future jobs and let everyone know about the deadbeats. If we allow people to use our money we need to consider the risk & understand that we will get burned eventually. I feel we should be honest and expect the same from our clients. If they want us to work for them then we should not be shy about demanding payment. Our focus should be on doing great work & not begging for payment.

If a customer asks for 50% I give it to them if they don't I wont send it to them.........I find that more and more are asking for a deposit, even the companies that install on a regular basis for me.....I think it is always a smart move to ask for it then your front end is covered! I agree with the last comment......do great work when installing and I will always pay promptly. The problem is it is hard to find those "great" sign companies! Always looking though!

Link to comment
Share on other sites

I'm coming on a 45 day today, wonder if that check will be here today. This might be a bad first impression of another sign company.

You have enemies? Good. That means you've stood up for something, sometime in your life. - Winston Churchill

Link to comment
Share on other sites

I was talking to a friend who works in another industry, and he is also having a hard time collecting payment from customers. I believe the economy is affecting a lot of small businesses who survive on a monthly cash flow. We are finding ourselves in a tough position of landing new work and also protecting our company by ensuring our clients can pay on time.

That being said, I would always protect yourself or company and require a 50% deposit with a signed contract or PO.

A deposit isn't always possible when working on a National account or vendor who keeps promising you more work in the future. I know the Project manager I am working with on a nat’l acct would pay us if they could, but it seems their Corp office is holding back payment. They have more work coming up that we want and the PM wants us to do for them, but not if we have to keep sending emails or making phone calls for payment.

The first thing that crosses my mind when we don’t receive payment is did we do a good job and complete the work 100%. And my first phone call to inquire about payment always starts by me asking “is everything ok with the job?”

The hard part is sending out the email telling a person/company you like working with that you will not do anymore work for them because of their late payments.

Link to comment
Share on other sites

The fact that companies are falling behind is a warning sign that your gonna get burned. The dangling carrot of more work needs to be understood in the light of what happened with Image Points failure. Companies that do not manage cash flow will fail and if we let them be sloppy with payment then we add to the problem & get what we deserve. Everyone needs to stick together, it's for the best of all concerned if we don't lend money, particularly to those that are not responsible.

Link to comment
Share on other sites

The fact that companies are falling behind is a warning sign that your gonna get burned. The dangling carrot of more work needs to be understood in the light of what happened with Image Points failure. Companies that do not manage cash flow will fail and if we let them be sloppy with payment then we add to the problem & get what we deserve. Everyone needs to stick together, it's for the best of all concerned if we don't lend money, particularly to those that are not responsible.

I think the tangling carrot is a great way to motivate sign companies into doing good work. If you screw up on a job you will not be getting a chance to do it again. More so is a tangling check in front of a company........the best motivator of all!

Link to comment
Share on other sites

  • Board Patron
I was talking to a friend who works in another industry, and he is also having a hard time collecting payment from customers. I believe the economy is affecting a lot of small businesses who survive on a monthly cash flow. We are finding ourselves in a tough position of landing new work and also protecting our company by ensuring our clients can pay on time.

That being said, I would always protect yourself or company and require a 50% deposit with a signed contract or PO.

A deposit isn't always possible when working on a National account or vendor who keeps promising you more work in the future. I know the Project manager I am working with on a nat’l acct would pay us if they could, but it seems their Corp office is holding back payment. They have more work coming up that we want and the PM wants us to do for them, but not if we have to keep sending emails or making phone calls for payment.

The first thing that crosses my mind when we don’t receive payment is did we do a good job and complete the work 100%. And my first phone call to inquire about payment always starts by me asking “is everything ok with the job?”

The hard part is sending out the email telling a person/company you like working with that you will not do anymore work for them because of their late payments.

so true a catch 22

Installation & Maintenance Services

Brian Phillips | expresssignandneon@sbcglobal.net | P. 812-882-3278

Express Sign & Neon | 119 S. 15th Street - Vincennes - IN 47591

express%20neon%20sig.jpg

Link to comment
Share on other sites

AAA has the best solution, a properly documented and signed contract stating the terms and conditions, including late payment fees, interest, etc.

I normally get a 50% deposit with the balance due upon receipt. However, when I choose not to, I always make sure the client signs the contract.

Considering these tough times, if I was to extend credit to a client and he told me he could not pay, I would send the bill right over to my attorney to take whatever steps are deemed appropriate.

Although I love what I do, I do it to make money.

Checkers

Link to comment
Share on other sites

  • Board Patron
AAA has the best solution, a properly documented and signed contract stating the terms and conditions, including late payment fees, interest, etc.

I normally get a 50% deposit with the balance due upon receipt. However, when I choose not to, I always make sure the client signs the contract.

Considering these tough times, if I was to extend credit to a client and he told me he could not pay, I would send the bill right over to my attorney to take whatever steps are deemed appropriate.

Although I love what I do, I do it to make money.

Checkers

I think what most of us are talking about is not making signs for the end user but doing installs and such for national maint. companies and they will not pay up front, and they alway "dangle" more jobs as a carrot. That is the main dilema. Contracts are nice and legal and yes you can sue them but as the old saying goes "You can sue anybody for anything, you can even sue the pope for being a bastard, but that doesn't mean you are going to get a nickle"

Installation & Maintenance Services

Brian Phillips | expresssignandneon@sbcglobal.net | P. 812-882-3278

Express Sign & Neon | 119 S. 15th Street - Vincennes - IN 47591

express%20neon%20sig.jpg

Link to comment
Share on other sites

Not to sound sarcastic, but, who runs your business. Is it you or your client? I started my own business - to be the boss and make money :)

The reason why I have specific policies and procedures set for the business is to insure that it makes money. And, it doesn't matter where the money comes from and long as I get paid according to my terms and conditions.

There are times I'll entertain extending credit to other businesses, but, once again, they must agree to my terms and conditions and sign a contract. If they don't, I will not work for them. I would rather spend the day fishing or watching TV versus working for free.

I'm not a bank. If you want credit terms, talk to a bank and see what interest rate and fees they will charge. Remember, they charge these fees to insure that they make money and so should you.

Checkers

Link to comment
Share on other sites

I posted this topic to make others aware that we have noticed recently that large sign manufacturers that we work with on nat’l acct's have not been paying on time.

In light of Image Point, I thought I would share our experiences with receiving payments late and see if other sign installers are experiencing the same thing.

I did not start this topic so people could criticize business policies or procedures. We've developed good relationships with several manufacturers and did about $500K worth of installs for them last year. We would like to continue doing work for them, but not if they can not meet the terms of their contract and pay on time.

I thought this forum was a way for Sign Contractors to communicate and look out for each other.

Link to comment
Share on other sites

Other sign companies have always been the Worst!!! It a sad situation and I think it reflects badly on our trade.

2nd worst is private people with broken beer signs. half the time they dont bother to show back up when the repair is done and its time to pay for it.

Doug

Link to comment
Share on other sites

  • Board Patron

A lot of National Accounts have been taking advantage of us small companies for a long time. Hold firm and they straighten up - for a while, at least. Action National was on our COD list for a long time, but the last 4-5 jobs we've done have been paid with 40 days. MC Signs always paid within 55 days, never any bs when I called to find out when they were going to pay. Fast Signs National Accounts is awesome to work for - pay within 45 days and the people are really nice there. On the other hand, Visible Graphics in CA is willing to pay 1/2 down, but getting the remaining payment from them is like pulling teeth. They are now on our COD list. We've probably offended more than one national company in asking for a deposit, but in these tough times, they'll just have to deal with it.

Link to comment
Share on other sites

  • Board Patron

hey checkers I did not ask how you run your business and do not care! This thread was not about that. But I'm sure with all your business savvy you were prob just too busy counting all your money to read all the posts

Installation & Maintenance Services

Brian Phillips | expresssignandneon@sbcglobal.net | P. 812-882-3278

Express Sign & Neon | 119 S. 15th Street - Vincennes - IN 47591

express%20neon%20sig.jpg

Link to comment
Share on other sites

hey checkers I did not ask how you run your business and do not care! This thread was not about that. But I'm sure with all your business savvy you were prob just too busy counting all your money to read all the posts

Give em hell Chubby! Grrrrrrrrr :hitbyrock:

cat_butt_tatoo.bmp

Link to comment
Share on other sites

  • Board Patron
Give em hell Chubby! Grrrrrrrrr :hitbyrock:

I gotta get me a tat of a cat like that!!!!!!!!!!!!!!!

Installation & Maintenance Services

Brian Phillips | expresssignandneon@sbcglobal.net | P. 812-882-3278

Express Sign & Neon | 119 S. 15th Street - Vincennes - IN 47591

express%20neon%20sig.jpg

Link to comment
Share on other sites

"I thought this forum was a way for Sign Contractors to communicate and look out for each other"

- it's a great way for communicating and it's a great way to learn from others too.

By no means am I telling anyone how to run their business. I just agreed with another comment and offered up some additional "free" advice.

Like I mentioned earlier, I love what I do and I do it for money. If you don't mind working for free, that's your option.

Checkers

Link to comment
Share on other sites

  • !llumenati
Other sign companies have always been the Worst!!! It a sad situation and I think it reflects badly on our trade.

2nd worst is private people with broken beer signs. half the time they dont bother to show back up when the repair is done and its time to pay for it.

Doug

?? I used to love it when they didn't want to pick up their beer signs --- I had half their money up front, and now the sign to sell. I can't count how many/how much I made off selling old beer signs.

As for sign companies being bad -------all I did was wholesale neon---and the rules were the same big company or little company----check upon pickup. I had one company that actually paid in advance, and one company that was totally superb at paying everything due on the 30th. Check in my hands by the 4th, latest. Every month like clockwork. Everyone else --- check please.

But --------- those were the old days of doing neon.

gn

Link to comment
Share on other sites

Ahhhhhh the good ol days!! I think I remember those........ of all the things I've lost in my life I miss my mind the most....

What does PhD stand for? Piled high and deep? :))

side note..... wonders if Kgirl has a single sister :-D

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.



×
  • Create New...