To build a profitable business, you need a loyal customer base, compelling and useful goods and services, and a skilled staff to delivery those needs. Ideally, your customers would pay for these offerings in a timely manner. Unfortunately, this doesn’t always happen. When you have challenges with accounts receivable, it can hurt your revenue stream. If your collections efforts are unsuccessful, you may need to enlist some professional help. A collections attorney has the knowledge and skills to work with customers at getting you the money they owe.
When You Need a Debt Collection Attorney
It’s not uncommon for customers to get behind on payments or to be late on a due invoice. Financial challenges can make it hard for such people to pay on time. Once customers approach the 90-day late, threshold, however, you start putting more pressure on them to pay. If you’re still not seeing any progress, an attorney can help. Debt collection lawyers look out for your business’s interests and your financial well-being. If your own efforts are not yielding the results you need, and the customer is beyond three months late, contact an attorney.
How the Attorney Collects the Money
When a debt collection attorney represents your company, he or she will contact the customer directly on your behalf. This may start with phone calls and then proceed to letters or emails. The lawyer will explain the urgent nature of the request and will give a firm deadline by when the payment must come. The lawyer may explain in these communications that payment arrangements are available.
Negotiating With the Customer
Sometimes, customers will hire an attorney to represent their interests. An individual may feel as though the law firm or the company is treating him or her unfairly. Or, the customer’s attorney may wish to settle the debt for a lower price tag. Your company’s debt collection attorney will meet with the customer and his or her attorney to discuss the dent. Together, they can negotiate a settlement that all parties can agree upon and feel positive about. Ideally, the matter will not go to court. However, your attorney will be prepared to take additional steps if necessary to safeguard your financial needs.
If your organization is struggling with delinquent customers, hire a debt collection lawyer today. Your lawyer can help the process go more smoothly and get you the payment you have been trying to collect.