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June 27, 2017 – Collection Strategies for Professionals

COLLECTION STRATEGIES FOR PROFESSIONALS

Presentation to IEEE Boston Consultants Network

Tuesday, June 27, 2017

  • Know Your Customer

  • Recognize High-Risk Engagements

    • Obtain Additional Security
    • Obtain Detailed Client Information Up Front

  • Get It In Writing

    • Terms of The Deal
    • Terms Of Credit
    • Events of Default
      1. Late Fees
      2. Attorney’s Fees
    • Security
  • Due Diligence On A Budget

    • Credit Reporting Services
    • Ask Your Client
    • Applications for Credit
    • The Internet
      1. Customer Websites
      2. Internet Search Engines
      3. Secretary Of State’s Office
      4. Registry Of Deeds
      5. Retain Copies Of Checks
  • Red Flags

    • Bounced Checks
    • Change In Payment Frequency
    • Client’s Employees Are Being Laid Off
    • No Inventory Or Stock On The Client’s Shelves, No Business
  • Legal Enforcement Techniques

    • Trustee Process
    • Real Estate Attachment
    • Preliminary Injunctions
    • Reach And Apply
    • Litigation For Unfair and Deceptive Trade Practices, M.G.L. c. 93A
    • Mechanics Lien, M.G.L. c. 254
  • Costs of Collecting

    • When is a balance worth going to court?
    • Small Claims Court
  • Implement A Billing And Collection Procedure

    • Timely Bill
    • Provide Clear Detailed Bills
    • Balance Due Reminders
    • Automatic Collection Letters
    • Telephone Collection Strategy
    • Forward To A Collection Attorney
  • Conclusions