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Debt Collection Avon Lake OH

This page provides useful content and local businesses that can help with your search for information on Debt Collection. You will find helpful, informative articles about Debt Collection, including "Collect Your Money - On Time!". You will also find local businesses that provide the products or services that you are looking for. Please scroll down to find the local resources in Avon Lake, OH that will answer all of your questions about Debt Collection.

Owen E. McCafferty, CPA, Inc.
(440) 779-1099
30980 Lorain Rd
N Olmsted, OH
 
Dale Edward Markworth
55 PUBLIC SQ STE 2150
CLEVELAND, OH
Specialties
Defective & Dangerous Products, Ethics, Commercial, Debt Collection, Contracts
Education
Washington University School of Law,Denison University
State Licensing
Ohio

Gilbert E Blomgren
(216) 373-5522
1370 ONTARIO ST STE 1700
CLEVELAND, OH
Specialties
Commercial, Debt Collection
Education
Case Western Reserve University,Kenyon College
State Licensing
Ohio

Paul K Rode
(216) 771-6500
75 PUBLIC SQ 75 PUBLIC SQ BLDG
CLEVELAND, OH
Specialties
Debt Collection
Education
Cleveland State University - Cleveland-Marshall College of Law,Wittenberg University
State Licensing
Ohio

Charles Gerard Pona
323 W LAKESIDE AVE STE 200
CLEVELAND, OH
Specialties
Debt Collection
Education
Bowling Green State University,Cleveland State University
State Licensing
Ohio

Michael Edward Reardon
7050 ENGLE RD STE 100
MIDDLEBURG HEIGHTS, OH
Specialties
Bankruptcy, Business, Commercial, Debt Collection
Education
Cleveland State University
State Licensing
Ohio

Margaret PATRICIA Walsh
(216) 698-3222
310 Lakeside Ave
Cleveland, OH
Specialties
Bankruptcy, Business, Civil Rights, Debt Collection, Fraud
Education
Cleveland State University
State Licensing
Ohio

Scott Steven Weltman
(216) 685-1000
323 Lakeside Avenue West
Cleveland, OH
Specialties
Debt Collection, Probate
Education
University of Southern California Law School,University of Southern California
State Licensing
California, Ohio

Scott W Paris
(216) 771-6500
75 PUBLIC SQ 75 PUBLIC SQ BLDG
CLEVELAND, OH
Specialties
Bankruptcy, Debt Collection
Education
University of Akron, C. Blake McDowell Law Center
State Licensing
Ohio

Steven Scott Davis
1370 ONTARIO ST STANDARD BLDG
CLEVELAND, OH
Specialties
Bankruptcy, Commercial, Debt Collection, Chapter 11
Education
Cleveland State University,University of Rochester
State Licensing
Ohio

Collect Your Money - On Time!


by Mike Burstein

Most SOHO and small business owners don't have the financial resources to wait for their customers to pay them. The inability to collect money in a timely manner is a leading reason for small business failures.

It's easy to fall into the trap of believing that if you don't offer relaxed payment options your customer will go elsewhere with their business. You may lose some business because of a strong financial policy but good customers aren't frightened off by realistic repayment terms.

Creating and enforcing a sound financial policy for your company should not be ignored - the consequences are far too severe! The service or products that you provide will limit some of your options but no business is precluded from collecting their hard earned money in a reasonable time frame.

The following list will help you as you formulate your company's financial policy:

1. Do you clearly explain payment terms to your customers before a transaction is completed?

2. Does your business lend itself to offering a cash discount vs. 30 day billing?

3. Do you accept credit cards?

4. Do you get proper ID with checks, including home and office phone numbers?

5. Do your customers sign a contract for your services?

6. Does your contract clearly state payment terms, including default remedies?

7. Does your credit application clearly state payment terms, including interest rate, late penalties and collection fees?

8. Do you order a credit report on new customers who request a line of credit?

9. Do you give customers credit without having them fill out a credit application?

All of the above items can be used to help build a sound financial policy. The cost of an attorney reviewing your contracts and credit application will be money well spent the first time you are faced with forcing a customer to pay in court.

Most business's wait too long before attempting to collect their money. Unfortunately, this just makes it harder to collect. It is not unreasonable to call your customer immediately when they miss a promised payment. Don't waste time with a customer who continually lies to you and breaks promises to pay.

Once you have determined that you cannot collect your money, engage a professional debt collection agency to handle the debt. Even if you have to pay 25% of the money to the agency, you are better off than holding onto the debt in the forlorn hope that your customer will pay you someday - it just doesn't happen!

An easy way to calculate whether the cost of a professional debt collector will be worthwhile is to use the following formula:

Examples - your customer owes you $1000

1. You hold on to a delinquent account hoping your customer will pay:

You collect $0.00

100% of 0.00 = nothing

2. You turn the debt over to a collection agency after making several calls & sending letters - the agency charges a 25% contingent fee:

The agency collects $1000.00

75% of $1000 = $750.00

Obviously, yo...

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