The collection system at Litman Law is built to provide credit granters with the best opportunity to ensure that they are the top priority of their client. The purpose of this article is to outline the importance of timing when placing a delinquent account Litman Law.
Why is it so important to place your collection account with us at the proper time? When an account becomes a slow payer, there are undoubtedly other creditors who aren’t getting their money either. It’s up to our client to make sure they are a priority in payment from their client, and consequently giving themselves the best possible chance at recovery.
Litman Law provides our client with the best chance to become the paying priority. Placing your accounts at the proper time with our collection department will ensure your priority. However, it’s up to our client to decide and understand the best time to place their accounts. The professionals at Litman Law will work with each client to determine this timing.
As mentioned in the heading, timing plays a huge role. Each industry is different. For instance, in the wholesale clothing business, a normal time to be worried about payment may be at the 120 day mark, whereas in the food supply industry, the 14 day point is where trouble can be spotted. If our client can take advantage of the system we have created, they will significantly lower their bad debt year after year and jump to the front of the line ahead of other creditors.
One of our main tools for determining the state of the account with your client is our free pre-collection demand letter. Our client can write or call often, but our faxed authentic lawyer’s letter will tell our client all they need to know (see Pre-Collection for further details). There are only two possible results…either our client is paid (with no commission on payments received during the 7 day pre-collection period), or our client just realized for free that there are no monies available and immediate and stronger action is necessary.
Many well-known companies who use our services precisely as designed have been tremendously successful in reducing their write-off’s. They have built an in house system that properly times the account transfer which gets adhered to and is never strayed from. If our client can spend the few minutes it takes to strategize with our office, they will no doubt realize how effective our system can be in moving your business into your client’s top payment priority. When it comes to being paid a little bit of work will go a long way.