Category: Uncategorized

Categories
B2B Collections Collection Tips Loan Advice Merchant Cash Advance Collection Uncategorized

How to Hire a Cash Advance Debt Collections Agency: 5 Essential Tips

Business owners or managers of merchant cash advance companies understand how challenging dealing with delinquent customers who consistently fail to pay their advances can be.

Late payments can harm your business’ long-term health and harm your ability to invest further in your business. When all of your in-house debt recovery solutions aren’t working, it is essential to consider hiring a third party debt collection agency, knowledgeable in the merchant cash advance space and with experienced debt collection lawyers on staff. 

However, with a saturated industry filled with ethical concerns, finding the right agency that aligns with your values requires careful research. 

Here are five vital tips on how to hire a cash advance debt collection agency:

Step 1: Check out their credentials and legal compliance.

The first and most crucial step is to ensure that the debt collection agency complies with all federal and state laws related to debt recovery, and that they have deep and proven experience in your field. Doing this maximizes the chances of a successful recovery, and working with an agency that has experienced debt collection lawyers on staff can offer reassurance that they follow legal guidelines, and verifies that the agency holds the proper licenses as a debt collection agency.

 

Related: Debt Collection Lawyer or Agency: Which One to Choose?

Step 2: Evaluate the Fee Structure.

Consider the agency’s fee structure and determine if it fits within your budget. Many agencies use a percentage-based fee structure, where their payment depends on the amount of money they recover from delinquent customers, while others employ a flat fee model. It’s vital to inquire about the fee arrangement and ensure it is affordable for your business.

Step 3: Research, References and Requests

Before making a final decision, it’s important to do your due diligence. Ask the agency for references from other businesses that have used their services. Seek references from businesses in a similar industry and with comparable needs to yours, and this will help you assess the agency’s reputation and ability to deliver results. Don’t hesitate to ask the agency various questions before hiring them. Inquire about their debt collection strategies, years of experience in the industry, and success rate. Additionally, ask about their customer service policies and if any complaints have been filed against them.

 

Related: How To Hire A Debt Collection Agency

Step 5: Review the Contract Thoroughly.

Carefully read and understand all terms and conditions before signing a contract with the debt collection agency. Ensure you are comfortable with the payment structure, timeline, and any other stipulations outlined in the contract.

Following these steps will help you find the right cash advance debt collection agency to suit your business needs, and help you successfully recover the funds you’re owed.

Related: Working with a B2B Debt Collector in 2023: What You Need to Know

We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on collections, to ensure your business gets paid.

 

If you have unpaid cash advance invoices that need to be recovered, commercial debt collection may be a good option for your business. A commercial debt collection agency can help you with the process of recovering past-due accounts and provide guidance on best practices for managing accounts receivable. 

Led by a team of experienced commercial debt collection attorneys, Monetaria Group has helped hundreds of businesses recover and collect their outstanding debts and payments. Schedule a FREE consultation with our expert team to see how we can help you recover your money today!

 

Categories
Uncategorized

Working with a B2B Debt Collector in 2023: What You Need to Know

Working with a B2B Debt Collector in 2023: What You Need to Know

Post-pandemic, to say that things have changed across multiple industries would be a serious understatement. The collections agency industry is no exception. In order to ensure debt recovery and proper management of a collections process, organizations must learn all they can about the shifting new environment and adjust appropriately to new laws, regulations, and previously unseen issues.

Like many other companies, debt collectors were forced to shutter their doors or shift to remote operations during the COVID-19 pandemic. State governments stepped in to further limit collection activities during this time. Massachusetts, for example, prohibited collection calls, new lawsuits, income garnishments, and property seizure. Illinois required debt collectors to negotiate reasonable payment arrangements or postpone collection activities for 60 days.

At the federal level, the US Senate consistently debates legislation which would limit debt collection activities during crises like the COVID-19 pandemic. However, debt collection activities continue despite these obstacles. Collection cases have increased during the past decade, with 15% of Americans having been sued by a debt collector. This indicates a shift for debt collectors, who are becoming more dependent on the courts to recover a certain percentage of payments. 

The Consumer Financial Protection Bureau (CFPB) maintains guidelines for debt collectors. Debt collection firms may interact through text, email, and social messaging applications, but with restrictions, such as limited calls to 7 times per week and giving consumers more opt-out choices. 

As a business owner considering working with a merchant debt collector, it’s more important than ever to choose the right one. Selecting a B2B debt collector that is aware of current challenges, follows all new rules, and maintains a good reputation is essential. Failure to do so may result in legal trouble and harm to your company’s reputation. 

In this new post-pandemic landscape, Monetaria Group has emerged as one of the most trusted and dependable collection agencies in the industry. With an emphasis on responsibility, full compliance with the latest rules and regulations, and maintaining an exceptional reputation, Monateria Group strives to obtain the greatest possible results for its clients. 

By working with Monetaria Group, you will be aligning yourself with a committed staff of experts that is up to date on industry standards and trends, and can offer the most up-to-date and experienced advice on collections.

 

We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on collections, to ensure your business gets paid.

If you have unpaid debts that need to be recovered, commercial debt collection may be a good option for your business. A commercial debt collection agency can help you with the process of recovering past-due accounts and provide guidance on best practices for managing accounts receivable. 

Led by a team of experienced commercial debt collection attorneys, Monetaria Group has helped hundreds of businesses recover and collect their outstanding debts and payments. Schedule a FREE consultation with our expert team to see how we can help you recover your money today!

 

Categories
Uncategorized

How to Recover Unpaid Invoices with Debt Collection Agencies

If you’ve ever missed payments, you may have been contacted by a debt collector. Debt collectors are hired by companies to collect your debt. They may work for the company you owe, or for someone else. Some collectors buy debts from other companies at a discount and then try to collect the full amount from consumers. At Monetaria, we specialize in helping businesses regain control of their finances by utilizing our premium debt recovery resources.

What is a collection agency?

A collection agency is a company that helps lenders and creditors to recover funds that are past due or in default. Creditors will usually use a collection agency only after several failed attempts to collect a debt. 

How does debt collection work?

The creditor sends claim information and supporting documents to the debt collector citing the debtor’s inability to pay. The collection service sends a demand letter to the debtor and an acknowledgement letter to the customer. The collections process normally goes as follows:

  • Telephone communication to arrange payment for the outstanding debt.
  • The collections agency helps the client to submit the claim to linked attorneys if the debtor does not pay.
  • Clients sign and send claims to associated attorneys, who give suit prerequisites.
  • If the client allows legal action and agrees to the suit criteria, the lawsuit is filed.
  • If the client does not wish to pursue legal action, the debt collection service closes the claim after 60 days of attempting collections
  • If a judgment is awarded in the client’s favor, attorneys will file a Writ of Attachment, attempt to locate the debtor’s assets, and attempt to satisfy the judgment (bank levies, garnishment, liens, etc.)

Regulations and consumer protections

The FTC regulates debt collectors under the Fair Debt Collection Practices Act (FDCPA). Debt collectors are barred from utilizing aggressive, unfair, or deceptive tactics. They can’t contact debtors before 8 a.m. or after 9 p.m., lie about arresting them if they don’t pay, or physically hurt or threaten them. Debt collectors cannot seize assets without judicial authorisation.

Benefits of using a collection agency

There are numerous benefits to using a collection agency when you are unable to collect past due debts from your clients. Some of these include:

  • Legal protection: Collection agencies know how to operate within federal and local laws, preventing you from being sued for illegal collection activities.
  • Documentation: As a part of their everyday work, collection agencies document every step of their processes, providing you with thorough documentation of collection efforts. This is useful to have for legal, tax, and other purposes.
  • Successful debt collection: Collection agencies are experienced in recovering debt, increasing your odds of collecting what you’re owed, and letting you focus on running your business instead of trying to collect debts yourself.
  • Faster payment: People tend to pay faster when approached by a collection agency, normally to avoid an impact to their credit record

How to choose a collection agency

When selecting a collection agency from your shortlist of possible debt recovery resources, you’ll want to make sure that it meets your business needs and is good at what it does. Here are some criteria for choosing the best debt collection agency.

  • Overall ROI: Take a close look at the company’s collection history and recovery rates, not just the percentage charged for recovery.
  • Great customer service: Collection agencies should offer payment plans and maintain a good relationship with your customers.
  • Research: Take the time to read reviews and talk to other clients who have worked with the agency you are thinking of hiring.
  • Licensing: Make sure the agency is licensed both in the state where you are located and where your customers live.
  • Past reporting: Your agency should provide a monthly statement with collection rates and payment summaries.

If your business is in financial trouble due to uncollected payments, an agency can be quite helpful. Be sure to pick an agency that fits your needs, maintains strong client and customer relationships, and maximizes results! If you need some help finding the best debt recovery resources for your business, contact our experts at Monetaria Group. 

 

We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on collections, to ensure your business gets paid.

If you have unpaid debts that need to be recovered, commercial debt collection may be a good option for your business. A commercial debt collection agency can help you with the process of recovering past-due accounts and provide guidance on best practices for managing accounts receivable. 

Led by a team of experienced commercial debt collection attorneys, Monetaria Group has helped hundreds of businesses recover and collect their outstanding debts and payments. Schedule a FREE consultation with our expert team to see how we can help you recover your money today!

Categories
Uncategorized

How to Collect Business Debt and Unpaid Invoices

How to Collect Business Debt and Unpaid Invoices

Have you ever worked with customers who can’t seem to pay their bills on time? Despite your best efforts, reminders, and more, your invoices never get paid. When this happens, it’s time to consider commercial (B2B) debt collection. But don’t freak out! We’re not talking about a scary debt collector knocking on your customers’ doors. In fact, B2B debt collection is very different from consumer debt collection.

Monetaria is here to help with some best practices for navigating the debt collection process and taking advantage of the best debt recovery resources. Don’t let missed payments hold your business back, and learn how to collect what you’re owed in an ethical and efficient manner.

Why do we need commercial debt collection?

Unpaid invoices can have a huge impact on your business, including reduced inventory turnover and cash flow, damage to your company’s reputation, credit ratings, and overall financial health. To maximize your chances of recovering unpaid debt to your business, it’s important to take action as soon as possible. 

Overdue invoices need to be addressed within the first 45 days following the due date. The longer an invoice remains outstanding, the harder it is to collect. Most terms request payment within 30 days, so if an invoice remains unpaid for more than 60 days, it’s considered a bad debt and requires commercial debt collection. 

 

B2B debt collection by yourself

Before reaching for an outside research, it’s always a good idea to try reaching out to your customer directly first.

  • Telephone calls have proven to be the most effective technique for business debt collection. By making a personal connection with the customer, you have a better chance of having your invoices take priority over other payments.
  • Debt collection letters can serve as more serious reminders stating the unpaid invoice, requesting prompt payment, and advising of more action to come if non-payment continues. 

B2B debt collection isn’t only about the money owed; customer relations and the time and energy you will spend collecting the debt should also be taken into consideration. Sometimes it’s better to write off small invoice amounts for the sake of preserving a business relationship. Ask yourself if it’s worth chasing a small amount that’s going to cost more in time and resources to collect.

 

External options for debt recovery resources 

If your independent collection efforts are unsuccessful, it’s time to look at external help. Such assistance might include:

  • Engaging with a commercial debt collection agency
  • Partnering with a trade credit insurance provider

What you choose to do will depend on the debt, your business, and the relationship you have with the debtor. Consider your options carefully and choose the one most likely to result in a satisfactory outcome. 

 

What are Your External Options for Business Debt Collection?

If your efforts to collect business debt on your own are unsuccessful, you may need to consider seeking external help that may include;

  • Engaging a business debt collection agency 
  • Partnering with a trade credit insurance provider.

Your best option depends on your debt, business, and debtor relationship. Consider your options carefully, then select the one that will most likely result in a satisfactory outcome.

 

Working with a business debt collection agency

Business, or commercial, debt collection agencies specialize in collecting commercial debts on behalf of a wide variety of businesses. Their goal is to collect the full balance from the debtor while trying to avoid litigation. The agency usually doesn’t own the loan. Instead, it will act as a middleman between you and the customer, taking a percentage of the collected amount for services rendered.

 

Debt collection with trade credit insurance

Partnering with a trade credit insurance provider can also be a great solution to your commercial debt issues. Trade credit insurance safeguards your cash flow by covering your receivables due within 12 months against unexpected commercial risks. If your customers become insolvent or fall into protracted default, you are indemnified for the value of goods and services you have delivered.

Debt collection management is an eventual responsibility of all business owners. The outcome depends on how you approach it. Maintaining good customer relations and cash flow requires prompt yet strategic action. At Monetaria, our experts are equipped to help you through all stages of the commercial debt collection process and find the best debt recovery resources for you. Reach out to us today for help navigating these challenging issues, and get back to running your business.  

 

We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on collections, to ensure your business gets paid.

Read on for more about commercial debt collection:

 

If you have unpaid debts that need to be recovered, commercial debt collection may be a good option for your business. A commercial debt collection agency can help you with the process of recovering past-due accounts and provide guidance on best practices for managing accounts receivable. 

Led by a team of experienced commercial debt collection attorneys, Monetaria Group has helped hundreds of businesses recover and collect their outstanding debts and payments. Schedule a FREE consultation with our expert team to see how we can help you recover your money today!

Categories
B2B Collections Collection Tips Uncategorized

How To Recover Unpaid Invoices: Commercial Debt Collection FAQ’s

How To Recover Unpaid Invoices: Commercial Debt Collection FAQ's

What can you do to collect unpaid debts?

Business debt collection practices aim to simplify the management and retrieval of late payments while expediting the process. However, there are no rigid rules regarding these practices, as your approach will depend on your specific history with each customer and the reasons behind their overdue payments. 

Before hiring a professional, consider these basic methods for collecting overdue debts. Let’s explore some options:

  • Check if there were any problems: Verify if the customer received the invoice, or if it was unclear or did not meet their requirements. Confirm if the goods were delivered correctly or if there was an error in the address, and double check your system delivered the invoice correctly.
  • Act promptly: Overdue invoices should be addressed immediately. The longer an invoice remains outstanding, the harder it is to collect. 
  • Contact the customer: Before seeking outside help, contact the person who owes you money directly, and keep a record of all communications and receipts. 
  • Offer solutions: Consider the possibility that the customer is experiencing financial constraints, in which case they may be open to a repayment schedule. By establishing a rapport with the customer. emphasizing the importance of your invoices, and showing your interest in helping them as well, you increase the likelihood of prioritized treatment and prompt payments.

 

When should you seek outside help?

If your efforts to collect the debt on your own have been unsuccessful, consider getting assistance from a business-to-business debt collection agency or a debt recovery attorney. These agents specialize in collecting debts on behalf of businesses like yours, and can help with contacting the delinquent client, negotiating repayment options, and exploring legal remedies. They work as middlemen between you and the customer, taking a percentage of the collected amount as payment for their services.

Can I hire a lawyer for commercial debt collection?

Yes, you can hire a debt collection lawyer for business-to-business debt collection. A debt recovery lawyer can advise you, assist through the legal process, and represent you in court. The entire debt should be balanced against the expense of legal representation.

 

Is legal action a good option for business to business debt collection?

Yes, but explore other options first. Legal actions can take a long time and cost a lot of money, and you can never be sure of the outcome. Before going to court, knowing how debts are collected in your country according to the law is important.

 

Can debt collectors contact your diligent clients anytime and anywhere?

No, debt collectors are bound by certain rules regarding when and how they can contact you about covered debts. There are also ways to stop a debt collector from contacting you if needed.

We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on collections, to ensure your business gets paid.

If you have unpaid debts that need to be recovered, commercial debt collection may be a good option for your business. A commercial debt collection agency can help you with the process of recovering past-due accounts and provide guidance on best practices for managing accounts receivable. 

Led by a team of experienced commercial debt collection attorneys, Monetaria Group has helped hundreds of businesses recover and collect their outstanding debts and payments. Schedule a FREE consultation with our expert team to see how we can help you recover your money today!

 

Categories
Uncategorized

How to Deal With Debt Collection Agencies

How to Deal With Debt Collection Agencies

Getting a call from a debt collection agency can be a nerve-wracking experience. Debt collection agencies work with businesses with outstanding payments and invoices due, to help them collect what is owed to them.

It’s important for debtors  to understand the position these businesses are in: In order to survive, let alone thrive, they need to be compensated for the products and services they offer to ensure they’re able to pay their own vendors and ensure their business’ financial security. Getting a call on their behalf from a third-party debt collection agency is just them trying to connect with you to settle your account so that all parties can move on.

Understanding how debt collectors operate, as well as your rights in the debt collection process, can help you prepare for interactions with them.

Here are 5 steps to deal with collection agencies, in a productive and pleasant manner.

  1. Be Willing to Communicate

Communicating with debt collectors can make it considerably easier to resolve your debt. When you pick up the phone when they call, call first, and respond to letters and communications, you signal your willingness and desire to come to a positive resolution and will garner goodwill towards you.

Related: How To Work With A Debt Collection Agency

  1. Organize Your Information

Before you decide on a course of action, you should organize every piece of information you have regarding the debt. Ask the debt recovery agency for all the information they have on your case, to ensure it really is your debt to settle and allows you to make an educated decision about how to handle it.

  1. Know Your Rights

Collection  activities are regulated by a number of federal and state laws. These laws outline the rights and responsibilities of both the creditor (the business trying to collect the debt) and the debtor (the party that owes the debt).

At the federal level, the Fair Debt Collection Practices Act (FDCPA) sets out rules for how consumer debt collectors can interact with debtors. While the FDCPA applies to personal, family, and household debts, and not to debts incurred by businesses,  many states have their own debt collection laws that apply to commercial debts, and these laws may provide additional protections for debtors. In addition, many commercial debt collection agencies voluntarily act in accordance with the FDCPA regulations so that they can ensure their collection activities are as above board as possible.  

In addition to these laws, there are also industry-specific regulations that may apply to commercial debt recovery and collection. For example, the healthcare industry is subject to the Health Insurance Portability and Accountability Act (HIPAA), which has provisions related to the collection of medical debts.

When looking at hiring a third-party collection agency, it is critical to ensure they are qualified and credentialed, including having the requisite collection licenses and bonds. Monetaria Group is led by a team of debt collection attorneys, which lets clients know all their debts and cases are being handled legally and competently, with no chance of trouble down the road.

Speak to your own network to ensure your rights are being respected.

Related: How To Hire A Debt Collection Agency

  1. Proactively Work to Settle the Debt

If you wish to settle the debt and put this headache behind you, you can try offering the debt collector a sum that is lower than the original debt. Commercial debt collectors are often willing to negotiate if they feel you’re working and positively communicating with them. They also may be willing to set up a payment plan so you don’t have to pay the full amount right away.

  1. Put the Debt Behind You

Once the debt is being handled and paid off, you can move on knowing that no one will bother you about it again. Working to handle debt doesn’t need to be an unpleasant experience, and shows you own your responsibilities as a respectable member of society.

 

We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on collections, to ensure your business gets paid.

If you have unpaid debts that need to be recovered, commercial debt collection may be a good option for your business. A commercial debt collection agency can help you with the process of recovering past-due accounts and provide guidance on best practices for managing accounts receivable. 

Led by a team of experienced commercial debt collection attorneys, Monetaria Group has helped hundreds of businesses recover and collect their outstanding debts and payments. Schedule a FREE consultation with our expert team to see how we can help you recover your money today!

Categories
Uncategorized

A Step by Step Guide to the Commercial Debt Collections Process

 

If you're struggling to recover unpaid debts, commercial debt collections may be the solution you're looking for. Explore the stages of commercial debt collections and learn how to establish effective payment terms.

What are commercial debt collections?

Commercial debt collection refers to the process of business-to-business debt collection, recovering debts owed by one business to another, such as unpaid invoices or missed repayments. 

If a business is withholding payment, the creditor has several options: they can reach out and offer a payment plan, negotiate the amount owed, or pursue more aggressive methods, such as hiring a third party collection agency with experienced commercial debt collectors or onboarding a debt collection attorney to collect what they’re owed through the courts. In some cases (like Monetaria), a number of collection agencies have experienced commercial debt collection attorneys on staff, to easily pursue legal remedies if it becomes necessary.

Recovering commercial debt entails various phases. Businesses must have a well-defined strategy to manage and recover unpaid debts, as each phase is a key to the overall effectiveness of the process.

Related: What is Commercial Debt Recovery and Collection?

What Happens During the Pre-Collection Phase?

A successful and efficient debt-collecting process depends on the pre-collection stage, before you ever have to deal with difficult debtors.

Every business should ensure that procedures and policies for managing unpaid debts are created and preparations for the collection process are made that can be executed quickly when it becomes necessary.

Some policies to consider are establishing specific payment conditions and procedures, developing open communication lines with clients to guarantee they know the payment processes and the consequences of non-payment, and ensuring the collection of  accurate and relevant documentation and tracking of invoices and payments. These records might be used as proof in court cases or to monitor development during the collection procedure.

 

Beginning Commercial Debt Collections

The procedure for recovering unpaid debt starts when it becomes apparent that your client will not pay you back easily.

Creating a collection process involves taking specific steps to ask clients for payment of unpaid bills.

The beginning of collections involves sending a letter laying out the sums owed, the options for paying it back, and handling client responses and objections. Be prepared to be busy answering customer questions, dealing with criticism, and, if necessary, organizing payment arrangements or settlements, or alternatively hearing nothing from them, if the debtor has decided they won’t have to pay you back if they ignore you.

Related: Understanding Commercial Debt Collections

This whole time, you should also be collecting and organizing all the documentation and communication you’ve had with the debtor, including information of the services you’ve provided them and all emails and notes you have from the account.

If the client doesn’t respond or pay, the claims process may need to be taken to the next level. This might involve filing a lawsuit, engaging with debt collectors, or exploring other ways to recoup the debt.

 

Legal Steps To Consider for Commercial Debt Collections

Legal action may be required to recover unpaid debts when other debt collection measures are unsuccessful. The legal actions phase involves using lawful means to pursue  debts owed.

Businesses can file a lawsuit, get a judgment, and garnish a debtor’s  bank accounts, among other legal tools for pursuing debt collection. Companies should consider the costs and benefits of taking legal action before deciding if they have a good chance of retrieving the debt.

Generally, when a lawsuit is filed, a summons and complaint must be served on the debtor, and proof must be shown in court to establish the legitimate debt. A judgment is acquired if the court finds  in the company’s favor, and this judgment can be utilized to garnish bank accounts  or other assets.

During the time of legal activities, working with a collections lawyer can be advantageous. A knowledgeable attorney can advise clients on their legal alternatives and guide companies through the debt collection litigation process. Additionally, they can assist companies in weighing the advantages and disadvantages of taking legal action and, if necessary, offer legal representation. Some collections agencies- such as Monetaria- are lead by expert debt recovery attorneys, which ensures clients have access to their knowledge and expertise from the outset of the process.

 

We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on collections, to ensure your business gets paid.

If you have unpaid debts that need to be recovered, commercial debt collection may be a good option for your business. A commercial debt collection agency can help you with the process of recovering past-due accounts and provide guidance on best practices for managing accounts receivable. 

Led by a team of experienced commercial debt collection attorneys, Monetaria Group has helped hundreds of businesses recover and collect their outstanding debts and payments. Schedule a FREE consultation with our expert team to see how we can help you recover your money today!

 

Categories
Uncategorized

Debt Collection Lawyer or Agency: Which One to Choose?

 

Make an informed choice to collect unpaid debts by learning the differences between using a debt collections attorney and a debt recovery agency.

Debt Collection Attorneys

Debt collection attorneys are licensed attorneys who specialize in harnessing the judicial system to recover money owed to their clients. They have the ability to use the Court system to gain leverage in their efforts to collect the debt. They often go straight fora judgment and pursue legal action to encourage the debtor to work with the creditor to reach an amenable result quicker. 

 

Third-Party Debt Collection Agencies

Debt collection agencies are not law firms and should not be confused with law firms. They are collectors. This means that they cannot commence a lawsuit. Instead, they use their skills and experience to collect debts outside of Court, such as through the issuance of debt collection letters, and by  encouraging open communications with debtors, negotiating payment plans and other settlement options. Typically, a debt collection agency will connect with debt collection attorneys should they be forced to pursue their legal options outside of their purview. As a general rule, debt collection agencies operate on a contingency basis, which means they won’t receive payment before they collect

 

How to Choose the Right Option?

There are a few things to consider when choosing between a collection attorney and a third-party debt collection agency. A collection lawyer is the best option if you’re ready to spend more money upfront, and are keen to pursue exclusively judicial means to collect your debt. However, a third-party debt collection firm can be a better choice if you want to avoid any upfront charges and pay if and when the account is collected.

It’s essential to choose a collection lawyer or company cautiously. Collaborating with someone with a track record of achievement and handling debt collecting professionally would be best. Before selecting an attorney or agency, do your homework on them and check reviews from companies that previously used their services.

In many cases, choosing a third party debt collection agency that has a team of debt collection attorneys on staff would be the best choice for your business, and offers the most access to all available options for collecting your money. Monetaria is one of those leading agencies.  Feel free to connect with our expert team to help you.

 

We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on collections, to ensure your business gets paid.

If you have unpaid debts that need to be recovered, commercial debt collection may be a good option for your business. A commercial debt collection agency can help you with the process of recovering past-due accounts and provide guidance on best practices for managing accounts receivable. 

Led by a team of experienced commercial debt collection attorneys, Monetaria Group has helped hundreds of businesses recover and collect their outstanding debts and payments. Schedule a FREE consultation with our expert team to see how we can help you recover your money today!

Categories
B2B Collections Collection Tips Merchant Cash Advance Collection Uncategorized

What Is A Debt Recovery Attorney?

Debt collection is an important aspect of business and financial management. Companies rely on timely payments from their clients to maintain their cash flow and financial stability, and when clients fail to pay their invoices, it can lead to a lot of problems, especially for small businesses. This is where debt collection attorneys come in.

Related: What is Commercial Debt Recovery and Collections?

What is a debt collection attorney?

A debt collection lawyer is a legal professional who specializes in helping businesses recover unpaid debts from nonpaying clients. These attorneys are skilled in developing strategies to recover debts and can explore their legal options if necessary. Their work may involve creating plans to collect payments, completing and filing legal paperwork, drafting demand letters, and representing creditors in court. 

When should I hire a debt recovery attorney?

There are several situations in which businesses may need to hire a debt collection attorney. For example, if a debt has been outstanding for a long time and legal action is required to recover it, a debt collection attorney can be a valuable resource. These attorneys are experts in the relevant laws and can help clients navigate the legal system to achieve a favorable outcome.

Demand letters are another effective tool for recovering debts without having to go to court. These letters inform the debtor of the outstanding debt and the legal action that may be taken if the debt is not paid. Debt collection attorneys can help businesses draft effective demand letters that comply with legal requirements and increase the likelihood of payment.

Another situation in which businesses may need to hire a debt collection attorney is when the debtor is a large company. Larger companies typically have more resources to fight against attempts to compel them to pay their debts. Debt collection attorneys who specialize in corporate debt collection can be valuable allies in these situations.

How to hire a debt collection attorney?

When hiring a debt collection lawyer, businesses should consider several factors. These include the attorney’s fees, their skills and experience in debt collection, their communication style, and whether they work independently or within a firm. References from past clients can also be helpful in assessing an attorney’s qualifications.

In some cases, businesses may opt to hire a collection agency instead of a debt collection attorney. Collection agencies specialize in recovering debts and can often do so more quickly and cost-effectively than attorneys. However, collection agencies cannot provide legal advice or represent clients in court. Businesses should consider the urgency of the situation, the likelihood of client payment, and how invested they are in taking legal action before deciding whether to hire a debt collection attorney or a collection agency. 

There are several third-party collection agencies with commercial debt collection attorneys on staff (like Monetaria!) to assist clients with all potential options at the outset of the project and is the best way to ensure you collect what is owed to you.What is a debt collection attorney?

Related: Commercial Debt Collection for Beginners

We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on collections, to ensure your business gets paid.

If you have unpaid debts that need to be recovered, commercial debt collection may be a good option for your business. A commercial debt collection agency can help you with the process of recovering past-due accounts and provide guidance on best practices for managing accounts receivable. 

Led by a team of experienced commercial debt collection attorneys, Monetaria Group has helped hundreds of businesses recover and collect their outstanding debts and payments. Schedule a FREE consultation with our expert team to see how we can help you recover your money today!