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Debt Collection Sparks NV

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Mark Andrew Beguelin
(775) 324-5297
P.O. Box 3497
Reno, NV
Family, Bankruptcy, Criminal Defense, Debt Collection
California Western School of Law,University of Nevada-Reno
State Licensing

Jason A. Rose
(775) 786-5000
100 West Liberty St. 12th Floor, Po Box 281
Reno, NV
Bankruptcy, Debt Collection, Real Estate, Construction
McGeorge School Of Law
State Licensing

Patton Nelson LLP
(702) 367-1375
2001 S Jones Blvd Ste H
Las Vegas, NV
D.K. Wallin, Ltd.
(702) 736-7994
6375 Arville St Ste 7
Las Vegas, NV
Ahlstrom Advantage
(702) 461-0879
4406 Clear Brook
Las Vegas, NV
Ralph Stephen Coppola
(775) 741-2333
4785 Rio Pinar Dr
Reno, NV
Real Estate, Administrative Law, Contracts, Debt Collection, Employee Benefits, Employment, Federal Regulation, Intellectual Property, Securities Offerings, State, Local And Municipal Law, Tax, Aviation, Business
Georgetown University Law Center,McGeorge SOL Univ of the Pacific,Dartmouth College,Reno High School
State Licensing

Steven T. Giorgione
(702) 898-2800
3910 Pecos Mcleod Ste
Las Vegas, NV
David Deiterman, CPA, Ltd.
(702) 877-1185
7171 W Craig Rd Ste
Las Vegas, NV
William Arwine, Inc
(702) 871-0470
6769 W Charleston Blvd
Las Vegas, NV
Campbell, Jones & Co., CPAS, LTD.
(702) 255-2330
7848 W Sahara Ave
Las Vegas, NV

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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