Small Business Collections Made Easy
Even the most successful businesses have customers that fail to pay their bills. When debt collection becomes a problem, getting legal help may be the solution.
Three Ways to Collect Debt
The three main ways to collect debt owed to your business are to try to do it yourself, hire a collection agency or to work with a debt collection attorney.
Each approach has pros and cons and the best method may depend on the specific circumstances surrounding the debt you want to collect. Sometimes you need to negotiate a settlement. Sometimes you need to be a bit more aggressive.
Getting advice from a collection attorney is a great way to figure out which method will work best. LegalShield makes accessing legal support easy and affordable.
If your company has only a couple of delinquent accounts each year and you are sensitive about customer relationships, trying to collect debt yourself may be a good option.
However, if you're on this page, you’re probably having an issue and need advice.
A small business plan from LegalShield can help you improve your debt collection results in three main ways. Learn more below.
If you have a large number of delinquent accounts from debtors that are hard to locate, hiring a collection agency might be a good option.
However, if you have only a handful of larger debts to collect from customers that are easier to contact, collection agencies may not be your best option. Agencies take 25-50% of the amount recovered and rouge agents harassing customers can tarnish your brand.
If you have a large number of delinquent accounts from debtors that are hard to locate, hiring a collection agency might be a good option.
However, if you have only a handful of larger debts to collect from customers that are easier to contact, collection agencies may not be your best option. Agencies take 25-50% of the amount recovered and rouge agents harassing customers can tarnish your brand.
How a Debt Collection Attorney Can Help You
Get Legal Advice About Debt Collection Best Practices
A LegalShield membership provides consultation with a provider attorney on an unlimited number of business legal matters related to debt collection.
If you're having a challenge collecting a debt but you want to continue to handle it yourselsf, you can contact your provider attorney and they can provide legal advice to improve your collection strategy.
Also, you can use the consultation benefit to get legal advice on an unlimited number of business legal matters beyond debt collection. This does not include business legal matters covered under the designated consultation benefit.
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Improve Client Contracts and Debt Collection Letters
Another powerful part of a LegalShield membership is that it allows you to submit documents up to 15 pages each to your provider attorney for review and feedback. Depending on the type of plan, a designated number of documents are included each month at no additional charge.
If you’re unsure about debt collection requirements as they relate to an agreement signed by the debtor or you have drafted a debt collection letter you’d like an attorney to review, you can submit documents right in the LegalShield app. Your provider attorney will provide feedback to make sure you’re following the law.
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Debt Collection Done for You Without Commissions
All of our small business plans include attorney drafted debt collection letters on their law firm letterhead and sent to the debtor on your behalf. Depending on the type of plan, a designated number of debt collection letters each month are included at no additional charge.
Not only does this save you time and aggravation, a debt collection letter from an attorney’s office lets the debtor know you are serious about the matter, and you keep 100% of the funds collected.
Like other plan benefits, your provider attorney can write letters and make calls on your behalf for legal matters beyond debt collection. If customers owe you money or you have other business legal needs, a LegalShield membership really is a no-brainer.
Key Features of Our Small Business Legal Plans
LegalShield’s business plans can help you in the following areas.
Legal consultation from a provider attorney on business legal matters, with legal research for each issue, if needed.
Receive help with business legal matters more efficiently with professional communications issued on your behalf.
Put business-related legal documents through legal review.
A collection letter from a provider attorney could help you recoup payments more efficiently.
