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Debt Collection Springfield MA

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 Springfield, MA that will answer all of your questions about Debt Collection.

Gary M Weiner
(413) 732-6840
95 State Street, Suite 918
Springfield, MA
Specialties
Chapter 7, Chapter 13, Chapter 11, Debt Collection, Litigation
Education
Suffolk University Law School,Syracuse University
State Licensing
Massachusetts

David J. Farkas
12 INGRAHAM TER
SPRINGFIELD, MA
Specialties
Debt Collection
State Licensing
Massachusetts

Eric D Kornblum
(413) 568-3900
68 COURT ST
WESTFIELD, MA
Specialties
Bankruptcy, Business, Commercial, Debt Collection, Real Estate
Education
Western New England College School of Law,State University of New York, Binghamton
State Licensing
Massachusetts

The Pentad Group
(617) 269-3546
396 Washington Street, Suite 320
Wellesley Hills, MA
 
Deloitte
(617) 437-2000
200 Berkeley Street
Boston, MA
 
Alan James Vanaria
12 INGRAHAM TER
SPRINGFIELD, MA
Specialties
Debt Collection
State Licensing
Massachusetts

Kyle R. Guelcher
(413) 781-4800
45 Willow Street, Suite 321
Springfield, MA
Specialties
Litigation, Copyright Application, Trademark Application, Contracts, Business, Commercial, Debt Collection, Entertainment, General Practice, Intellectual Property, Trademark Infringement, Speeding Ticket, Lawsuits & Disputes, Identity Theft
Education
Western New England College School of Law,North Carolina Wesleyan College
State Licensing
Connecticut, Massachusetts

David J. Prothero, CPA
(617) 871-6602
859 Massachusetts Avenue, Suite R
Cambridge, MA
 
Di Pesa & Company, CPA
(617) 786-7775
1250 Hancock Street, Suite 203 N.
Quincy, MA
 
William H. Darling
(617) 227-3501
27 School Street, Suite 300
Boston, MA
 

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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