Debt collection can be a minefield, especially when you’re trying to stay fair while ensuring you get paid. At Law Offices of Alan M. Cohen & Associates LLC, our innovative commercial collections litigators have more than 50 years of combined experience. We understand the frustration of unpaid invoices.
In our extensive experience, we have cultivated the art of aggressive and relentless debt collection using methods allowed to us under state and federal laws, all while maintaining strict ethical standards. Here are some strategies to help you collect commercial debts without crossing ethical lines.
Communicate clearly and consistently
Communication is critical. Clear and consistent communication is even more important. Make sure your communications, both written and verbal, are clear and professional. How you conduct yourself in interactions with your customers will set the tone your business relationship.
An established rapport will help you be taken seriously with collection efforts if your customer gets behind with their payments. If a customer falls behind, always start with polite, but firm reminders. Keep records of all communications. This helps in case you need to escalate the matter. Follow-up regularly. Consistency is key. Regular follow-ups remind the debtor that you’re serious about getting paid.
Maintain a professional tone
While it is understandable that you might be extremely frustrated with a deadbeat debtor, treating that debtor with respect can go a long way. Maintain a professional tone in all communications. Avoid threats—unless you are fully prepared to act on them. There is a fine line between staying firm and becoming aggressive. Better yet, let your commercial collections attorney be the one who gets aggressive. We can be relentless and aggressive on your behalf so that you can stay focused on your day-to-day business operations.
Offer flexible payment options
Sometimes a debtor can’t pay the full amount at once. Offering a payment plan can increase the likelihood of getting paid. Another way to speed up the collections process is to incentivize debtors to pay early by offering a small discount. This can speed up the collection process.
Understand the laws and regulations
When it comes to debt collection, it is critically important to follow state and federal laws. Massachusetts law specifically addresses unfair debt collection practices. This is where a knowledgeable commercial collections attorney can be an invaluable resource. The best way to ensure that you are following all applicable to collections laws is to seek the advice of experienced legal counsel.
Leverage legal tools
Our commercial collections attorneys at Law Offices of Alan M. Cohen & Associates LLC can help you leverage the legal tools that are at your disposal. For example, sending a well-crafted demand letter shows a debtor that you are serious about collecting on past due accounts and that you know and understand your rights. Next steps can include litigation to secure a judgment. Once you secure a judgment, our aggressive and relentless commercial collections lawyers can help you enforce a judgment through ethical and legal tactics like attachments and property seizures.
Schedule a consultation with an experienced commercial collections attorney
With more than five decades of experience, we know the ins and outs of commercial debt collection. We are relentless in our pursuit of what you are owed. We also do so by adhering to the highest ethical standards. To schedule a consultation, you can call our office at 508-763-6604 or send us an inquiry through our website.