If you own a Houston business, you likely have other businesses that owe you money ranging from clients to suppliers. So how does your business make arrangements to collect that money? Whether you are a fledgling entrepreneur or have been in business for yourself for a number of years, many reasons exist to hire a to handle your past due accounts including:
Save Time: You are talking to clients, managing employees, maybe even manufacturing products. Do you really have the time and energy necessary to collect the money that is owed to your business at the same time that you are running and growing that business? If the answer to that question in no, then it is important for you to contact an experienced commercial debt collection attorney in Houston who can collect that money on behalf of your company.
Revenue Growth: One of the most important tasks as a business owner is to grow the revenue of the company. You likely devote tremendous resources to this task. What would happen if you achieved revenue growth but at the same time your accounts receivable collection process could not keep up the same pace? Even worse, what if the deficiencies in your collections process sabotaged the growth you worked so hard to create by alienating customers or wasting profit? If these situations apply to you and your business, it may be time to retain an attorney to assist with your collections.
Attorney Versus Agency: The outlines specific guidelines that must be followed by the party who is attempting to collect a debt. Those who fail to adhere to these guidelines run the risk of having the debt declared null and void by a court of law, and today’s savvy consumers are likely to be highly aware of what debt collectors can and cannot do. Small business owners and managers often turn to debt collection agencies to handle problem accounts, but agencies are limited to making calls and writing letters, which are not always effective collection techniques when dealing with chronically delinquent consumers.
One of the greatest advantages to having an attorney work to collect your commercial debts, versus a debt agency, concerns the payment plan entered into by those that owe you money. An agency collector will agree to a payment plan and then call the debtor to confirm each payment. In most cases, these types of arrangements have a high default ration. An experienced attorney will secure the payment plan with legal documents such as a release agreement, consent judgment or promissory note all of which reduce the default ratio.
Don’t wait until your collection process becomes overwhelming and creates a negative effect on your business or pushes away clients or customers. Contact the Houston business debt collection attorneys at the Weisblatt Law Firm today at 713-666-1981 to discuss your situation and to develop a collection plan that will work for you and your business.