Collections Practices: A Creditor’s Perspective!
Do you have your sales staff pitching your credit products, but there isn’t a lot of return on investment?
Are you having a difficult time growing your business?
Do you need help with your debt collection in Michigan?
There must be checks and balances in place that periodically get reviewed. If you don’t have these checks in place, your accounts receivables can get out of hand.
According to Credit & Collections Kit for Dummies written by Steven A. Harms, “When you first extend credit, your new customer knows he’s being monitored. For that reason, he’ll pay the first few invoices on time. After that, some customers decide that they can relax and pay less promptly because they’ve already earned your respect and are no longer under the microscope, and their payments start slowing. To protect yourself, you may choose to adopt some of the following controls:
- Put the customer on a short leash, such as a 15-day watch list, so you detect a slowdown in payments almost immediately.
- Be ready to turn off the credit faucet: No credit if no payment.
- Hold up further deliveries of your goods or services until the customer pays his late invoices.
- Get additional assurance of payment, such as liens, guarantees, and promissory notes.”
Have your new customers stopped making payments promptly? You need to consult with an attorney about your possible case for debt collection in Michigan as soon as possible. Don’t let your debtor run away!
Why Choose Muller Law Firm?
We’ve been in the collection business for over 57 years, and we’re based right here in Michigan. When you call the Muller Law Firm, your initial consultation and strategy meeting are FREE! We don’t think you should have to pay just to be informed of your rights. Do you?
We want to make sure you’re well educated and comfortable before we take any further steps. If you’d like to speak to one of our expert attorneys about debt collection in Michigan, give us a call at 248-645-2440. Stand up for your rights as a business owner, and get what you’re owed!