A New Jersey Commercial Collections Attorney on Keeping Past Payment Records
There are many good reasons for keeping accurate records in business. Most people realize the importance for matters like taxes and borrowing money, but a New Jersey commercial collections attorney can explain why this is essential in collection concerns as well.
Payment History as an Indication of Business Health
When a business relationship begins and a commercial customer is accepted on credit, it is wise to establish agreeable standards for payment. Typically, a business pays its bills in a habitual manner; that is, according to a New Jersey commercial collections lawyer, at the same time of the month, when a bill is submitted or some other regular pattern. Knowing that and monitoring any variations can be the first sign a business is experiencing financial difficulties.
How a New Jersey Commercial Collections Attorney Can Assist
Once it is seen that a customer is paying late or paying less than the full amount due in contrast to past payment history, a New Jersey commercial collections attorney can suggest an approach to head off potentially bigger problems and deeper debts. Early intervention can be helpful.
Tracking Debt Payments
If your company has been in the situation of having to make payments to a debt collector in settlement of outstanding debts, a New Jersey commercial collections lawyer will emphasize how important keeping accurate records on past payments are. Under the Fair Debt Collections Practices Act, there is no duty placed on a debt collector to update the debtor’s balance. Additionally, under New Jersey law, there is no duty for a debt collector to provide a statement once the debt collection process has started. Therefore, your New Jersey commercial collections attorney will stress keeping verifiable records of all payments made to ensure you are paying no more than you owe.
Contact a New Jersey Commercial Collections Lawyer for Legal Advice
Cash flow is essential to the health and well-being of any business. Being proactive in ensuring your company is paid for its services is mandatory. For any commercial collection concerns or questions, call Snellings Law, LLC, a New Jersey commercial collections attorney group, at 973.265.6100.