Locally Adjusted Notary Fees is included in the Enhanced Automation Suite. If you have the Enhanced Automation Suite as part of your company plan, you can set controls for Locally Adjusted Notary Fees from your company settings.
What are Locally Adjusted Notary Fees?
Where appropriate, Locally Adjusted Notary Fees will automatically revise the notary fee on outgoing signing requests to better match accepted rates in the signing location.
Before contacting notaries about your signing request, Snapdocs will calculate how likely notaries in the area will accept that fee. If your offered notary fee is outside a high-likelihood range, our software will adjust the notary fee by $10 to increase how likely you can find a notary. Snapdocs will never change the notary fee by more than $10 in either direction.
To better illustrate how this feature works, let’s walk through an example:
Imagine that you have a Refinance signing in Dallas, Texas, and that your offered notary fee for a Refinance signing is $100.
When your offered fee is within $10 of the high-likelihood fee range:
If the highly accepted fee in Dallas is $105 (within $10 of your offered fee), Snapdocs will not make any fee adjustments. Notaries will receive signing opportunities as normal for $100.
When your offered fee is more than the highly accepted fee:
Let’s suppose that Snapdocs finds that the highly accepted fee in Dallas is actually $85. Accordingly, our software will adjust the notary fee from $100 to $90 before sending messages to notaries about the signing opportunity.
When your offered fee is less than the highly accepted fee:
Now, let’s instead imagine that the highly accepted notary fee in Dallas is actually $135. In this situation, Snapdocs would automatically adjust the notary fee upwards from $100 to $110 before contacting notaries. (Not comfortable with upwards fee adjustments? Continue reading to learn how to configure your settings accordingly.)
How do I use Locally Adjusted Notary Fees?
First off, you must have the Enhanced Automation Suite feature turned on. If you do not have this feature but would like it, please email firstname.lastname@example.org.
Go into your General Company Settings (Admin --> Company Settings --> General Settings) and scroll down to your Enhanced Automation Suite settings. You should see a checkbox to turn on Locally Adjusted Notary Fees. Check the box and click save.
Once the setting is turned on, you will have the ability to turn locally adjusted notary fees on for individual signing products. When you add a new signing product or edit an existing one, you should see a checkbox to turn on locally adjusted notary fees.
There is an additional setting in your company settings that you can turn on if you choose. With locally adjusted notary fees, a fee can be adjusted up or down. If you wish to only have the notary fee adjust down, you can select this option in your company settings.