Do you have outstanding invoices past due?
Are you frustrated by your lack of results when it comes to your in-house collection efforts?
If you’re searching online for collection letter templates as a way to improve your own collection efforts there are few important points to consider before you download, print, and mail out that letter.
Because when it comes to collecting your debt you have to protect your business from possible liability exposure.
Let me explain…
The truth about collection letter templates
Success depends on having, and using, a system.
Quite frankly, there is no “magic bullet” out there that will easily and instantaneously work to improve your cash flow and get past due accounts to pay up. If only life, and business, were that simple.
But there’s something else you may not know about when it comes to collection letter templates.
And it’s this…
Does that template you found online comply with applicable collection laws. For example…
- How old is the letter?
- When was it posted online?
- In which state(s) did it supposedly work “like magic?”
- Has it been updated to comply with recent legal changes
The honest answer to these questions is that you have no idea.
Did you know, for example, that your collection efforts have to comply with ALL state and federal regulations?
And what’s more, you have to comply with the state regulations where your business is located, plus all states where you are trying to collect from. That means if former customers or clients currently reside in other states you have to comply with THEIR collection laws as well.
So does that collection letter template comply with the law?
You better make damn sure it does because if you mail it out the door and it doesn’t guess who is liable?
And the last thing you want while trying to collect is to get a notice in the mail that you are being sued by the very person or persons who you are trying to collect from. Nothing could be more frustrating than getting sued from the very people who owe you money.
But it does happen.
And it can happen to you if you use unproven, unverified letters that you found online.
I’ve been self employed since 2004 and haven’t done my own taxes in years. Tax laws change all the time, and I frankly don’t have the time and patience that my CPA has for handling this financial, and legal, responsibility. So I pay my CPA to handle this for me, and if he makes a mistake and I get audited at least his butt is on the line.
Makes sense, right?
Well, when it comes to collecting unpaid bills it makes sound financial sense to get professional help. Let the collection agency deal with compliance and liability issues. They have the experience and “know how” to collection on your behalf, and you only pay them a fee when they successfully collection some or all of the money owed to you.
Make sure they are licensed to do business in your state as well as the states where you are trying to collect from.
Get help with your past due accounts today
To find a collections agency that specializes in helping business likes yours, simply request a free services quote from qualified and reputable companies.
Click the link and compare free collection agency quotes today.
This way you can save time, money and aggravation by hiring a professional who can help you collect some (or all?) of your outstanding accounts receivable.
After all, when you get down to it you really only have two choices:
- you can keep doing what you’re doing (and hope for a different result), or
- you can find a commercial collections agency that can help you recover what’s rightfully yours.
Either way it’s your money… you decide.