NMFS is a Net-30 Company
Most Contractor companies in the mortgage field services industry are Net-30 companies.
You do not need to send us your invoice; our InspectorADE field inspection software does this for you.
The invoice date for NMFS is the last day of each month, payable net-30 on the last day of the month.
What is NET30?
NET30 is a payment term indicating that the client agrees to pay the full amount of an invoice within 30 days of its issuance.
How It Works for Independent Contractors:
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Work Period: You complete your contracted work over a specified period, such as a month.
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Invoicing: At the end of this period, an invoice is created.
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Payment Timeline: The client is expected to pay the invoice at 30 calendar days from the invoice date.
Example:
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If you finish work on April 30th, an invoice will be generated with the payment due by May 30th.
Considerations:
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Ensure that the payment terms are clearly stated in your contract and on the invoice. ✔
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Be aware that “NET-30” includes all calendar days, not just business days. ✔
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Some clients may interpret NET-30 differently; always confirm their understanding to avoid confusion. ✔
Many of the contract companies like NMFS (Regionals) receive our money Net-30, Net-45, Net-60 and some even Net -90.
OnPay.com
We use a payroll service provider for direct deposits and 1099 Misc Income. DO NOT IGNORE the invite email from OnPay to set up your ACH and banking info. At the beginning of each year, you can log into your OnPay account (usually before the end of January) and download your own 1099 Misc Income statement. If you do not receive the invite email from OnPay, check your spam. If you still do not find it, ask Melissa@nmfs.com to send you another invite.