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Debt Collection Pensacola FL

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 Pensacola, FL that will answer all of your questions about Debt Collection.

Marsha Wilson Montgomery
(214) 922-7128
Po Box 13130
Pensacola, FL
Banking, Litigation, Debt Collection
The University of Alabama School of Law
State Licensing

William Cater Elliott
(334) 467-1634
Po Box 627
Gulf Breeze, FL
Debt Collection, Equipment Finance, Defective & Dangerous Products, Banking, Business, Federal Regulation, Car Accident, Corporate, Employment, Real Estate, Chapter 7, Commercial, Chapter 11, Construction, Appeals, Chapter 13, Foreclosure
Samford University, Cumberland School of Law
State Licensing

Premium Credit Consulting
(321) 972-8992
1088 E. Altamonte Springs Dr suite 106
Altamonte Springs, FL
Principal Financial Group
(954) 885-5113
3401 SW 160 Avenue
Miramar, FL

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IE-S Accounting Services LLC
(954) 347-6794
15841 PInes Blvd
Pembroke Pines, FL

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James Arby Van Slyke
(850) 438-0440
Debt Collection, Foreclosure, Personal Injury, Litigation
University of Arkansas Little Rock, William H. Bowen School of Law
State Licensing

Mass Mutual Financial Services DBS Financial
(954) 938-8800
1000 Corporate Drive,
Fort Lauderdale, FL

Data Provided By:
Capital Preservation Advisers, Inc.
(727) 441-4906
P.O. Box 2949
Clearwater, FL
DGR Accounting and Tax Services
(954) 862-1477
PO Box 823497
Pembroke Pines, FL

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Juveda Group Inc
(954) 430-6077
8910 Miramar Parkway
Miramar, 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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