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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55608
Experience:  29 years of experience practicing law, including tax and estate planning.
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I am a funeral director in Massachusetts. I want to extend

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I am a funeral director in Massachusetts. I want to extend a payment option to my families of "90 days same as cash". But I want to somehow guarantee the payments with a credit card or some other type of financing vehicle. Any ideas?
Hi! My name is XXXXX XXXXX I look forward to helping you!

I would suggest you make them sign a promissory note. I can provide you a form you can use if that would be helpful. The beauty of having them sign the promissory note is that if they fail to pay you, then you only have to sue them on the non-payment of the note. You do not have to prove your underlying claim which protects them from then claiming that they didn't agree with the services or products you provided. The note itself is a negotiable instrument, which allows you to sue on it. Also, should you want, you could sell the notes to a factor, get your money now and let the factor worry about later collection. Let me know if you'd like me to provide a form for the note for you.

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Customer: replied 3 years ago.

Thank You for your reply. I am sorry I did not have a chance to respond before today but I am appreciative for the information. Do you have any ideas where I would Sell the note and how would I determine what to sell it for? Would there need to be an underwriting component to the note?



Anthony Conte

You're welcome and thanks for following up. No worries about the delay..I totally understand that sometimes life gets in the way. :)

There are a lot of factoring companies for these notes (these are the same companies that factor accounts receivable). Also, banks will typically accept these notes as collateral for loans to your company. You can find any number of factoring companies online by googling "factoring companies." But, it's a cheaper alternative to pledge them to a bank to obtain a loan if you need the money sooner. Neither would typically underwrite the notes themselves...they would simply base the amount of credit they would be willing to extend upon some percentage of the overall principal amounts of the notes.