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Debt Collection Elk River 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 Elk River, MN that will answer all of your questions about Debt Collection.

Becky Leann Martin
(763) 425-6330
21308 John Milless Dr #204
Rogers, MN
Specialties
Family, Debt Collection, Estate Planning, Contracts
Education
Hamline University School of Law,University of Wisconsin, Eau Claire,United States Army Reserves
State Licensing
Minnesota

Daniel Andrew Batten
(612) 702-8178
7040 LAKELAND AVE N STE 206
BROOKLYN PARK, MN
Specialties
Debt Collection, Litigation, Contracts, Chapter 7, LLC
State Licensing
Minnesota

Tricia Ann Olson
(952) 277-0121
5125 COUNTY ROAD 101 STE 202
MINNETONKA, MN
Specialties
Intellectual Property, Estate Planning, Debt Collection, Business, Corporate
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

Donald Michael Burgett
(320) 235-3171
416 Sw Sixth St, Po Box 306
Willmar, MN
Specialties
Personal Injury, Debt Collection, Contracts, Estate Planning, Probate, Real Estate, Wrongful Death
Education
University of Minnesota Law School,Southwest Minnesota State University
State Licensing
Minnesota

Patty Lynn Wisecup
(763) 684-4175
200 CENTRAL AVE. PO BOX 265
BUFFALO, MN
Specialties
Bankruptcy, Family, Debt Collection, Wills, Personal Injury
Education
Hamline University School of Law,Augsburg College
State Licensing
Minnesota

Credit Services, Inc.
(320) 759-0800
700 Cedar St. Suite 118
Alexandria, MN
 
Brea Alisabeth Buettner-Stanchfield
(612) 377-5311
2021 East Hennepin Ave. Suite 195
Minneapolis, MN
Specialties
Bankruptcy, Landlord & Tenant, Debt Collection
Education
William Mitchell College of Law
State Licensing
Minnesota

Nicholas Peter Slade
(612) 379-8800
2021 E HENNEPIN AVE STE 195
MINNEAPOLIS, MN
Specialties
Fraud, Debt Collection
Education
Hamline University School of Law
State Licensing
Minnesota

Richard A Glassman
(612) 337-9559
701 Fourth Av S #500
Minneapolis, MN
Specialties
Business, Real Estate, Debt Collection
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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