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Debt Collection Fort Pierce FL

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Marc B. Cohen
(772) 221-0999
Financial Markets And Services, Litigation, Debt Collection, Commercial
Temple University - James E. Beasley School of Law,Temple University
State Licensing

David Steinfeld
(772) 288-0048
2300 Monterey Blvd., Suite 100
Stuart, FL
Lawsuits & Disputes, Contracts, International Law, Real Estate, Debt Collection
University of Miami School of Law,University of Wisconsin
State Licensing

Raymond C. Cahill, C.P.A., P.A.
(954) 862-1466
5400 S University Drive
Davie, FL

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Vigor Financial LLC
(954) 699-0786
1599 SW 186th Lane
Pembroke Pines, FL

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Metropolitan Life
(954) 625-1530
1200 South Pine Island Road
Plantation, FL

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Chad Steven Paiva
(561) 640-8000
Bankruptcy, Litigation, Debt Collection
University of Miami School of Law,University of Delaware
State Licensing

Kirkland, Russ, Murphy & Tapp, P.A.
(727) 572-1400
13577 Feather Sound Dr #400
Clearwater, FL
Fiduciary Services, Inc.
(904) 491-1150
1890 S 14th St. #230
Amelia Island, FL
Bollenback & Forret, P.A., C.P.A.'s
(727) 446-5858
1000 Pinellas Street
Clearwater, FL
Wealth Builders FX, LLC
954-302-3523x 711
9000 Sheridan Street
Pembroke Pines, FL

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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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