CategoryLaw & Legal

Debt Collection Services

Why is it difficult for small businesses to collect bad debts?

Some of the factors that make collecting debt especially difficult for small businesses are described below:

Avoiding unpleasantness: Collecting debt is an unpleasant task. As the business is small, its focus is on getting more business and retaining existing customers. Despite the fact that customers are in the wrong in delaying payments, the business will not remind them of the dues too often for fear of losing further business. Customers understand the predicament of small businesses and take advantage of it.

Short of resources: Small businesses do not have the resources to recover bad debts. Collecting debt requires keeping accurate records of debt and credit transactions, sending out reminder letters regularly, calling up customers, visiting customers and regular follow up. This needs time, manpower and money. Small businesses are short of all three.

Using in-house staff to collect a debt: Small businesses try to save money by recovering bad debts themselves. The business gives the responsibility of debt collection to an Accounts Receivables person. This is not very effective and rarely results in quick debt recovery.

Firstly, the Accounts personnel are already swamped with work, and cannot put in the required time and effort to collect a debt. Secondly, debt collection is a delicate task that needs to be handled with finesse. Accounts personnel can, in fact, spoil your customer relationships by being tactless. Thirdly, in-house personnel may not be aware of the state and federal laws regulating Debt Collection for Recruitment Agencies. Violation of these laws will cost your business more by landing you in legal trouble.

How does a collection agency help small businesses?

Collection agencies can help small businesses improve their bottom line considerably. Many collection agencies deal with small business accounts and charge accordingly. The fact that you have partnered with a collection agency will make customers take you more seriously.

Collection agencies have skilled staff trained in debt collection strategies. They are well-versed in debt collection laws and have a professional and cordial approach towards customers. The collection agencies will charge a fixed rate or a percentage of the debt they collect. They have greater incentive to recover debt faster.

Collection agencies collect debts through a four-phase process. The process involves sending out demand letters to the customer, contacting customer through phone, reporting customer to a credit rating bureau and filing a lawsuit in case of non-payment.

The demand letters or notices sent out by the collection agency give details of the debt, the amount due and a payment due date. The third and last demand letter warns the customer of being reported to a credit rating bureau if the payment is not settled by the specified due date. The warning will push most customers into settling their dues as a report to credit rating bureaus will hurt their creditworthiness.

How Risky Can Legal Translation Be?

Legal translation does not only require a good knowledge of the source and native knowledge of the target language, as well as a professional qualification in translation. Other important attributes of a legal translator include a solid foundation in the legal system or systems involved, as well as a high degree of professionalism and discretion.

In dealing with or using legal translation services, translators and clients should be aware enough about whether the finished product of translation is accurate. Translated materials are always essential, and thus professionalism in the translation industry is necessary.

When we say translation, it is about the process of making the text of the text document comprehensible in another language. This idea is applicable in the legal translation process, as well; it is always applicable to any other translation field, too. However, when dealing with the legal translation field, we do not simply translate the text document or words into a more understandable language, but we convert the text document into (potential) a very different legal system, all within a given legal field. Legal translation could be quite risky and a big job to tackle. Legally speaking, producing poor translation in the legal field could be a potential danger to the lawyers, who use the legal text materials.

Languages and laws are both closely related to the culture of a society. Thus, the textual structure of the translated materials within the law should suit the particular culture of the target language. Producing a well-structured translated legal text will be more understandable and will gain more respect with the clients.

When dealing with international issues, a lawyer should undergo first some different procedures, and that is the main building block regarding the legal system. Thus, the entire process includes as well how accurate and professional the legal translation is. Legal translation requires a professional and expert translator that has a wide knowledge about syntax and has the ability to provide good sentence structure in the target language. In addition, a legal translator should have knowledge of the relevant legal system(s), accuracy in legal writing, should have good skills and knowledge about terminologies.

We all know that each legal system has its own vocabulary and terminologies. Thus, legal translation is not just about translating the text word-by-word. Indeed, translation is the full job of the translator, whether finding a most accurate term of words from the source text that don’t have a direct correspondence in the target language. In translation, a translator should know how to use his or her technical translation ability or knowledge.

A translator should also know about legal manners and traditions. There are some legal materials that are authoritative in terms of translation. Authoritative law documents such as treaties and conventions or contracts are commonly confidential. Thus, a translator must have a high degree of professionalism to be successful in the translation business.

Literally speaking, legal translation is about dealing with laws and civil rights. Thus, legal translation is not a joke. In fact, if a certain translator is not skilled enough in the legal translation field, this could represent a potential danger for her or him for accepting the job. Accurate legal translation is necessary and thus, hiring a professional legal translator is needed, and that should actually be the law!