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Debt Collection Danbury CT

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Anthony Joseph Yorio Jr
(203) 790-4529
Yorio Law Group Pc, 50 North St 3rd Fl
Danbury, CT
Criminal Defense, Insurance, Corporate, Real Estate, Personal Injury, Debt Collection
Indiana University School of Law, Bloomington,Indiana University-Bloomington,Western Connecticut Sta
State Licensing
Connecticut, Indiana, New Jersey, Pennsylvania

Brian S Cantor
(203) 254-1550
1220 POST RD
Personal Injury, Business, Real Estate, Probate, Debt Collection
Western New England College School of Law,University of Massachusetts, Amherst
State Licensing

Jo-Ann Pepitone Quinn
Litigation, Family, Debt Collection, Personal Injury
University of Hartford
State Licensing
New York

Pop's Pizza
(203) 439-0089
243 Argyle Road
Cheshure, CT
Cadwell & Associates, LLC
(203) 453-2989
741 Boston Post Road, Suite 307
Guilford, CT
Ross Marshall Chinitz
(203) 254-4461
1698 Post Road East
Westport, CT
Debt Collection, Bankruptcy, Business, Real Estate
Hofstra University School of Law,University of Maryland
State Licensing
New York

Alfred J Cali
(203) 339-0050
3296 MAIN ST
Foreclosure, Bankruptcy, Debt Collection, Personal Injury, Family
Quinnipiac University School of Law,University of South Florida
State Licensing

Great Harbor Financial Inc
(203) 453-0500
25 Water Street
Guilford, CT
Richmond North Associates
(716) 832-5668
747 Farmington Ave
New Britain , CT
Alan J. Grouse
(203) 457-0690
42 Harrison Road
Guilford, CT

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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