Thinking of using your business line of credit to get you through the next month or two of the coronavirus shutdown? Here are some things for you to consider. Banks generally look for cash-rich businesses, especially in an economic downturn. That is not to say loans are not available. However,
News is abuzz about changes to how “debt collectors” can contact consumers to collect debts. Texts, emails, voice messages and more are part of the changes to the Fair Debt Collection Practices Act proposed by the Consumer Financial Protection Bureau. Federal and local state statutes regulate consumer debt collection. You
More debtors than ever are paying by credit cards or through apps linked to their credit card, but these come with a processing fee. Who pays the credit card fees on debt payments? Until recently, New York banned merchants from burdening customers with a “surcharge fee” when they paid by
What happens when a client wants to pay an outstanding balance from their future sales or services? Working with that customer had previously been profitable, but they’ve experienced cash flow issues. For those who wish to continue doing business with a customer who seems to be having difficulties, you need
It’s hard to know when to stop doing business with a non-paying client and start enforcing your rights to payment. Failure to make the decision can put you out of business. Smart credit policies protect you from doing business with those least likely to pay. And smart collection policy designs
Include joint and several liability clauses in your contracts to maximize your ability to collect monies owed. So, stack the decks in your favor by going after the customer with deep pockets. Rather than chasing customers with little or no cash flow, or several customers, you will want to include
Growing your company is probably your foremost priority. It might be tempting to jump into the major leagues, but doing business with the big boys can lure you into making questionable choices. Regardless of your industry, extending credit can quickly get out of hand. You can find yourself in a
Just think, if more clients paid you in a timely manner what you could do with the money, not to mention the time. Give your business the gift that keeps on giving: Learn the secrets of increasing in-house collections and watch your cash flow grow. Here’s this NY Collection Attorney’s
Companies and organizations are often challenged with what to do when clients don’t pay within terms. There are some accounts that routinely do not pay outstanding invoices within your terms. These are opportunities to improve your company’s cash flow. While you may have your payment terms established at Net 30,
The three major credit reporting agencies are changing the recording of judgment information. The changes will directly affect collection of New York judgments (and collection of your receivables). In part, effective July 2017, civil judgments must now include the judgment debtor’s date of birth or social security number in addition to