February 2, 2015
Q.: I own a small hair salon. A customer recently received services, then said she forgot her wallet and would return later in the day with her payment. She never came back. She has done business with us before but is not a regular customer. What are my steps on how to collect money from her, and what rules, restrictions and deadlines should I be aware of? A.: Good luck. Usually, entrepreneurs learn how to collect money the hard way—someone stiffed them. Hopefully, you have a name, address, and telephone number for this person, or can locate it. Send a written invoice for services rendered. If she fails to pay it, you might try to turn it over to a collection agency—the experts in how to collect money. Why couldn’t you do it yourself? If you’re not experienced in how to collect money, collection of delinquent debts is subject to the Fair Debt Collection Practices Act, and you can find yourself on the wrong side of the Federal Trade Commission (or not entitled to collect)…
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