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Collecting Collections: What You Need to Do and Know Before Getting a Commercial Collections Attorney

Collecting Collections: What You Need to Do and Know Before Getting a Commercial Collections Attorney

If you own a business you are going to be dealing with commercial collections from times to time. It would be nice if clients paid up their outstanding balance on time, but there are some instances when you will need to get involved in the process of making a collection. While there are many reasons why an account may go past due, there are a few things that a business owner can do which will help them in their debt recovery.

Dealing with Your Accounts Receivables

The following are some ways in which business owners of both small and large corporations can keep track of their collections:

Always Keep Track of Open Accounts

A good way to keep track of your accounts is to keep an eye on which of your accounts have been paid, and which haven’t. One day after an account is due payment, have someone on your team to reach out to the debtor via phone or email as a reminder of the outstanding invoice. If you prefer to mail invoices, chances are the invoice may have simply got lost in the mail, or it could be that the commercial client has a few questions on the invoice which is why they’ve not paid yet. By reaching out to the commercial client as soon as possible, you will have the opportunity to not just gently remind them of the overdue invoice, but also answer any questions that they might have and settle matters that they were having problems understanding.

Always have a Written Contract

The importance of keeping a written contract is something that cannot be overstated when it comes to a business, and especially when it comes to debt recovery. Personal guarantees can easily make a significant difference in the amount of past due accounts that you will need to send in the commercial collections process. This is where having a professional commercial collections attorney such as the Law Offices of Alan M. Cohen LLC  review all of your contracts will do wonders for your collections efforts.

Correct Total of Credit

If you’re in the business of providing credit to commercial entities you should always make sure to provide the right amount of credit. That’s because, giving too much credit to a business that doesn’t have the sufficient amount of income to make its payments on time, or a client who has bad credit history, will almost always result in disaster when it’s time to collect your payments. Along with providing the right amount of credit involves carrying out a credit history review of the client and having a credit application that will be a record for the business.

Find a Professional Commercial Collections Attorney

For businesses that have to deal in collecting accounts receivables, hiring an experienced aggressive relentless and ethical Commercial collections attorneys such as the Law offices of Alan M. Cohen LLC,   is the single most important step that can help a business with their commercial collections. While not every account is going to require the services of a professional commercial collections attorney to get paid, there are times when you wish you had hired a commercial collections attorney instead of going with a collections agency. As compared to a collections agency, a commercial collections attorney will be in a much better position to guide you through the legalities of the process of getting payment for your accounts receivables, especially from those debtors who are challenging your claim for a payment or simply have developed payment amnesia.

Hiring the services of a commercial collections attorney will not only provide you with the much-needed help on how you can get your payments, but will also help your company establish the criteria for deciding on how past due accounts ought to be handled. Hiring the right commercial collections attorney can give you more remedies on how you can get paid for your accounts receivables that are overdue. But how are you to know which commercial collections attorney is worth your money. The following are some of the ways in which you can find a commercial attorney that will provide you with value for your money.

Hiring the Right Commercial Collections Attorney

Now that you know what you have to do, it’s time to find the right commercial collections attorney for the job. The following are some of the ways in which you can do just that:

Do Some Research

When it comes to hiring a commercial collections attorney in Boston you will have quite a few options. While that’s a good thing, it will make the decision-making process harder for you. When hiring a commercial collections attorney, a few good questions to ask are:

  • Have any outstanding complaints been made against the attorney you’re about to hire?
  • Has the collections attorney been sanctioned by the bar associate or the state agency?
  • How is the previous record of the commercial collections attorney?
  • Does the commercial collection attorney aggressively pursue bad debts?

Once you’ve answered these questions it’s time to move on to the other factors that should go into making a decision.

What’s the Fee Structure?

Needless to say, the commercial collections attorney is going to charge you a fee for their services. Some of the questions to ask will be related to the fee structure of the attorney such as:

  • Does the attorney work on a contingency fee basis commensurate with his or her experience in commercial debt collection or collecting monies for businesses?
  • What’s the hourly rate of the commercial collections attorney you’re about to hire?

Who is Going to Work on Your Account?

It’s likely that the collections attorney you hire will not be the only person who is going to work on your case. Knowing how many people are going to be involved in advance will give you a better idea of who to contact if you’ve got any questions you like to ask, and will improve the overall experience of hiring a commercial collections attorney.

Check References

This is a big one  You want to hire an AV Rated Attorney which is the highest peer review rating awarded by Martindale-Hubble. Besides, you will want to maintain your reputation in the process. To do make sure nothing illegal is being practiced to get back your payment, it’s always best to hire a commercial collections attorney who is not only experienced but is professional, and has the references to prove it. Your aim should be to hire a collections attorney who has a stellar reputation in getting back payments for accounts receivables for their clients, and achieving that while maintaining the law such as the Law Offices of Alan M. Cohen LLC.

Ending Note

At the end of the day, hiring professional commercial collections attorneys such as the Law Offices of Alan M. Cohen LLC will ensure that best efforts will be made to get you paid. Since each account is going to be different, hiring an experienced commercial debts attorney will help get back your accounts receivables, even from those debtors who are most likely not going to pay you otherwise.

To find out more on how Alan M. Cohen at the Law offices of Alan M. Cohen LLC can help, please feel free to visit us at www. Collections-law.com, or contact us at 508-620 6900. You can also email us at alanmcohen@collections-law.com.

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