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Debt Collection Cottage Grove MN

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 Cottage Grove, MN that will answer all of your questions about Debt Collection.

Paul E Overson
539 Bielenberg Dr Ste 200
Woodbury, MN
Specialties
Business, Debt Collection, Family, Personal Injury, Estate Planning
Education
Hamline University School of Law,Minnesota State University, Mankato
State Licensing
Minnesota

Nicholas J. Vivian
(651) 439-2878
1809 NORTHWESTERN AVE S STE 110
STILLWATER, MN
Specialties
State, Local And Municipal Law, Business, Real Estate, Debt Collection
Education
Hamline University School of Law ,Northern Michigan University
State Licensing
Wisconsin

Matthew James Buell
(612) 217-1215
1539 Grand Ave
Saint Paul, MN
Specialties
Criminal Defense, Debt Collection, Landlord & Tenant, Estate Planning, Immigration, Real Estate, Lawsuits & Disputes
Education
Hamline University School of Law
University of Minnesota
Twin Cities
State Licensing
Minnesota

Brent Christopher Kleffman
(651) 647-0506
2233 UNIVERSITY AVE W STE 315
SAINT PAUL, MN
Specialties
Employment, Real Estate, Personal Injury, Workers Compensation, Debt Collection
Education
University of St. Thomas School of Law - Minneapolis,University of Saint Thomas
State Licensing
Minnesota

Randall Patrick Ryder
(612) 424-3770
125 Se Main St #250
Minneapolis, MN
Specialties
Debt Collection, Estate Planning
State Licensing
Minnesota

Matthew James Buell
(612) 217-1215
1539 Grand Ave
Saint Paul, MN
Specialties
Criminal Defense, Debt Collection, Landlord & Tenant, Estate Planning, Immigration, Real Estate, Lawsuits & Disputes
Education
Hamline University School of Law,University of Minnesota, Twin Cities
State Licensing
Minnesota

Samuel Ross Coleman
(612) 208-9374
1539 Grand Ave
St Paul, MN
Specialties
Debt Collection, Contracts, Immigration, Real Estate
Education
University of South Dakota School of Law
University of Minnesota
Twin Cities
State Licensing
Minnesota, South Dakota

Samuel Ross Coleman
(612) 208-9374
1539 Grand Ave
St Paul, MN
Specialties
Debt Collection, Contracts, Immigration, Real Estate
Education
University of South Dakota School of Law,University of Minnesota, Twin Cities
State Licensing
Minnesota, South Dakota

Anthony John Moosbrugger
(651) 460-3757
429 THIRD ST PO BOX 187
FARMINGTON, MN
Specialties
Family, Adoption, Business, Estate Planning, Debt Collection
Education
William Mitchell College of Law,St. Cloud State University
State Licensing
Minnesota

Steven M Press
(612) 338-8927
1421 PARK AVE STE 101
MINNEAPOLIS, MN
Specialties
Estate Planning, Probate, Litigation, Family, Debt Collection
Education
University of Wisconsin Law School,Brown University
State Licensing
Minnesota

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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