Tag Archives: Notary Signing Agent

5 Keys Notary Entrepreneurs Must Have

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Having been in business for the past 17 years, I have seen some incredible ups and downs. From the collapse of the mortgage industry in 2008 (on the business side) to a diagnosis of cancer in 2010 (on the personal side) to living through a pandemic that affects both sides, problems are often just around the next corner. If you are a new notary entrepreneur or even a seasoned notary entrepreneur here are five (5) keys elements you should develop for long-term success with your business.

Obtain a Legal Service Plan. This is absolutely vital to your success as a notary entrepreneur. If you are a Notary Signing Agent this is critical. I highly recommend you seek out having a legal service plan for your business. A good legal services plan can give you access to law firms across the country. Imagine if you had access to a Contract Attorney, Tax Attorney, or Estate Planning Attorney to ask an unlimited number of business questions. Also, if you are a Notary Signing Agent you are probably in your car at least 6 days a week traveling to and from assignments. The risk of you being stopped for a traffic violation is higher than for most people in other careers despite how great a driver you are. Imagine always having an attorney represent you in traffic court on these violations. If you could obtain a legal service plan at an affordable price as well as it being tax-deductible for your business could this be of value to you?

Need to set up a FREE 15-minute telephone consultation on a legal service plan in your area, click here

Seek a Certified Public Accountant (CPA) that understands your business. Tax laws are constantly changing and becoming more and more complicated. Using a CPA can help you develop a strong foundation for your business. They can help you improve your credit rating, reduce debt, help with saving for your kids, help you settle back tax debt as well as help you save critical time and money. Using a CPA can literally save you thousands of dollars over the years. As a notary entrepreneur would you find that valuable?

Develop a strong relationship with your bank manager. I grew up in a very small town in South Carolina. My family back then had a very limited relationship with the banking system. As I developed as a notary business entrepreneur I discovered that all banks are not the same. Some offer free checking but will hit you up on the back end with multiple hidden fees while others charge you small fees upfront and modest fees on the back end. It is critically important to have a good understanding of how your bank will operate with your type of business. Discovering where the hidden dangers that can cost you hundreds if not thousands of dollars in fees each year from your bank manager could be the key to a successful business and banking relationship. Reviewing banking policies and fee structures can definitely be of value to your business in the long haul.

Obtain Accident & Critical Illness Insurance. I said earlier that in 2010 I was diagnosed with cancer. I go through in detail how I heard and received this news in my new book “AMPLIFY Your Notary & Signing Agent Business” coming out in the next few weeks. After going through a six (6) plus hour surgery I was off my feet for nearly 3 months. Imagine not being able to work or bring in the income needed to keep your business afloat. Imagine not being able to pay the basic needs of your household like the mortgage, car payments, utilities, food, etc. Having an accident and critical illness insurance policy saved my business from being dissolved. It paid for all those things and more. Most people have health insurance, home & auto insurance, even E&O Insurance but not consider having one of the most critical coverages of them all for notary entrepreneurs – Accident & Critical Illness Insurance. This type of coverage protects you if you are hit in your car and injured by another driver if you have a heart attack or stroke, and yes, in my case, diagnosed with cancer. Would having this protection give you peace of mind?

Setup a FREE 15 Minute Consultation for Accident & Critical Illness Insurance

Be obsessed with developing and staying in excellent physical & mental health. When I started my self-employed notary business my focus was on staying very active in developing clients and getting repeat business. That focus had to lead me to some pretty bad health habits such as lack of daily exercise and keeping an eye on what food I consume. Often times I was in a fast-food restaurant by 6:30 am heading to my first appointment then by 12:30 pm in another one heading to my next appointment and then by 5:30 pm picking up the wife and kids to go into another restaurant for dinner and back out on the road by 6:30 pm. Back home by 9:30 pm or 10:00 pm to wrestle around in the kitchen for cookies or some other sweet snack. This schedule happening at least 6 days a week for years really took a toll on my overall health. Now with some adjustments on diet and mental health, my business in its 17th year is thriving.

I have interviewed several very successful notaries over the years. Following these five (5) keys will reduce your chances of failure with your business.

Daniel C. Lewis was named in 2010 Notary of the Year by the National Notary Association. He was also named in the same year as an Honorary Secretary of State by the Indiana Secretary of State in that same year. He resides in Carmel, IN, and is currently the Executive of Lewis Training Services, an approved education vendor by the Indiana Department of Insurance. Daniel is also an entrepreneur, writer, video editor, and Managing Partner of Lewis Notary Services Inc.  Check out these other blog posts by this author

Tips for Notaries in Choosing the Best Checking Account

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It is essential for professional notaries to choose a bank with excellent checking account features that will keep their business running efficiently as well as effectively. Getting a business checking account is usually one of the first steps for a notary entrepreneur. It gives you easy access to your cash as well as many other advantageous features.

With so many options out there (credit unions & banks), where do you start if you are a new notary or if you are a seasoned notary that wants to compare options? Let’s first start with a basic question:

WHAT IS A CHECKING ACCOUNT?

A checking account is a type of bank account that allows you to easily deposit and withdraw money for your daily transactions. Conveniently having access to that money through writing checks, paying with a debit card connected to that account, getting cash out at automated teller machines (ATMs), or transferring money online is essential to notary entrepreneurs. Checking accounts are typically insured by the federal government through the Federal Deposit Insurance Corporation (FDIC). This means if for any reason your financial institution fails, the FDIC will reimburse you for the money in your checking account up to at least $250,000. Because of this, a checking account is one of the safest places you can put your cash, as long as the financial institution you choose is insured by the FDIC.

WHAT DO I CONSIDER WHEN CHOOSING A CHECKING ACCOUNT?

FEES

Financial institutions need to cover their expenses, and one way to do so is to charge fees. Like most financial products, checking accounts charge various fees to access your money. Fee can range from monthly service/maintenance fee, overdraft fee, non-sufficient (NSF) fee, and ATM fee. Don’t assume that all banks and credit union fees are alike (this is a common mistake made by notary entrepreneurs). Compare policies with several financial institutions before making a decision on a business checking account. Some checking accounts work in favor of how notary entrepreneurs conduct business. Doing your research could save you thousands of dollars each year.

MINIMUM BALANCE REQUIREMENTS

Many checking accounts require you to maintain a certain balance in order to avoid fees. This minimum monthly balance can vary widely depending on the bank and the features associated with the account, so make sure to only sign up for a checking account with a minimum monthly balance that you know you can safely maintain.

ATM NETWORK

Most checking accounts come with a debit card that allows you to withdraw cash from ATMs throughout the country. If you often pay with cash, you’ll need to use an ATM and/or visit a branch location to withdraw money. While this is an incredibly convenient way to get money quickly when you need it, there’s a good chance you’ll be charged a fee for withdrawing cash from an ATM that isn’t part of your bank or credit union’s own network of ATMs. Make sure you have a good understanding of the financial institution’s ATM policies on where you can conduct your transaction and what the fees are.

INTEREST RATES AND REWARDS

Checking accounts aren’t built to hold large amounts of money for long term goals so interest rates on these accounts are typically quite low. Checking accounts that do earn interest usually come with higher minimum monthly balances or fees. It may pay off to find out if opening a checking account at certain institutions have rewards like a cashback program that you can take advantage of.

MOBILE APP FEATURES

Choosing the right checking account is about more than just the financial terms. As a notary entrepreneur, you should also consider what mobile app features are offered. If you do a lot of general notary work, oftentimes your customer may want to pay you with a personal check. Having a mobile app that can help you seamlessly deposit checks right at the signer’s location in front of them is a huge advantage as a notary entrepreneur.

Amplify Your Notary & Signing Agent Business

Amplify Your Notary & Signing Agent Business

By Daniel C. Lewis & Jocelyn Waters

 

In this exceptional Ebook, the authors give you the tools to market and thrive in the notary industry. It is masterful writing for anyone considering to go into this field as well as anyone that is a seasoned notary entrepreneur. This amazing Ebook has it all.

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Checking accounts are safe, easy to open and easy to use. Checking accounts do have some drawbacks — they earn little to no interest, and fees can be quite high if you’re not careful. They do, however, provide a major convenience in today’s modern world when it comes to paying bills or getting cash. Do your research and open a checking account that will provide you with the best options and make your life easier.

Developing financial literacy is critical for the successful notary entrepreneur.

More Changes for Indiana Notaries

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Indiana state flag

Whether you’re a seasoned notary veteran or a first-time notary applicant, it’s critically important to keep track of all the new guidelines, resources and requirements in Indiana. Here are just a few of the changes over the last couple of months.

NEW APPLICATION FEES FOR NOTARY

A new person wanting to become an Indiana Notary will now pay an application fee of $75.00. Commission Revision Fee is now $8.67. Click here to become an Indiana Notary or renew your Indiana notary commission.

INITIAL EDUCATION

All applicants must take a notary education course and pass an exam. The education course and exam are available after paying the application fee. Once the exam has been passed, your application will be submitted to the Indiana Secretary of State’s office for final review. Allow 5-10 business days for processing. If you’d like to learn more about becoming a Indiana Notary Public before submitting the application fee, please review the Notary Guide.

REQUIRED CONTINUING EDUCATION

All Notaries Public are required to complete a continuing education course every two (2) years. You may access the course by clicking the link below. The fee to complete the continuing education course is $50.00. You will be required to complete 3 continuing education courses, for a total of $150.00, over the course of your 8 year commission. Failure to complete the continuing education course will result in the expiration of your commission. Click here for Continuing Education Course

UPDATED LIST OF APPROVED REMOTE NOTARY TECHNOLOGY VENDORS

Indiana Remote Notaries Public may only conduct remote notarial acts using an approved vendor. When applying for Remote Notary Authorization, you will be required to select at least one vendor you intend to use. Once the vendor has given their approval, your application will be processed by the Secretary of State’s office.

Here is (as of August 8, 2020) an up-to-date list of approved Indiana Remote Notary Technology Vendors with their website.

Notarize Inc. 745 Boylston Street, Suite 600, Boston, MA 02116 www.notarize.com

Digital Delivery, Inc. 440 Alpha Road, Dallas, TX 75244 www.digitaldeliveryinc.com

NotaryCam, Inc. 2901 W Coast Hwy, Suite 200, Newport Beach, CA 92663 www.notarycam.com

Pavaso, Inc. 2901 North Dallas Parkway, Suite 400, Plano, TX 75093 https://pavaso.com

Simply Sign LLC 260 Airside Drive., Moon Township, PA 15108 www.simplysecuresign.com

DocVerify, Inc. 2030 Main Street, Suite 1300, Irvine, CA 92614 www.docverify.com

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